05:11 AM EST, 11/02/2026 (MT Newswires) -- Berenberg raised its price targets and earnings assumptions for Unilever (ULVR.L, UNA.AS) after the UK-based consumer goods group reported better-than-expected results for the third quarter and updated its full-year 2026 outlook. "Organic growth of 5.2% was ahead of consensus expectations for 4.6%, with volumes accounting for 2.9% (cons: 2.4%) and pricing 2.3% (cons: 2.2%). Emerging markets (EMs) were the core driver of the beat, however, with both North America and Europe growth falling short of expectations. Despite the strong volume momentum and strength in core divisions Unilever has showcased in recent quarters, we continue to believe a further rerating in the near-term could be inhibited by the pending Foods division merger with McCormick, expected to complete by mid-2027," according to a Monday note. Unilever raised its 2026 underlying volume growth outlook to "at least" 3% from the previous target of "around" 3%, while reiterating its underlying sales growth guidance of between 4% and 6%. Against this backdrop and accounting for currency adjustments, the research firm raised its price targets to 50.80 pounds sterling from 50.50 pounds for the London stock and to 60.70 euros from 58.90 euros for the Amsterdam-listed shares, with the hold ratings for both unchanged. On the earnings side, Berenberg also upgraded its sales, EBIT and EPS forecasts for 2026 to 2028.

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