Deutsche Bank upgrades its recommendation for food company Danone to Hold from Sell and reiterates the price target of EUR 61.
The stock has fallen 21.4 percent since the start of the year, while the valuation has declined to 14.5 times forward P/E from 18.7 times. The bank believes the de-rating has been justified.
Development in US dairy products remains weak, but Deutsche Bank notes improved employment in non-dairy products and more stable brand searches.
