Stifel reaffirms its 'hold' recommendation on Henkel, remaining 'constructive on the Group's margin recovery potential', and raises its target price from 76 to 82 euros in the wake of EBIT forecasts raised by 8% for 2024 and 7% for 2025.

The accelerating margin expansion in each division is an encouraging development", says the broker, who is also encouraged by better-than-expected organic growth of 5% for consumer brands in the first quarter.

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