Berenberg Keeps Beiersdorf's Hold Rating as 'Weaker-than-Expected' Adhesives Performance Drives Q3 Miss

07:22 AM EDT, 10/28/2026 (MT Newswires) -- Berenberg maintained Beiersdorf's (BEI.F) hold rating after the company's third-quarter results missed expectations, due to "weaker-than-expected" performance from tesa, its adhesives division. "Group organic sales fell 1.3% (consensus: -0.8%). Consumer was slightly ahead at -0.7% (consensus: -1.0%), while tesa fell 4.3% against consensus for broadly flat growth (+0.1%). The tesa shortfall reflects semiconductor shortages, which may continue to weigh on its Electronics business for the rest of the year. Nivea's 4.9% decline was broadly in line with consensus (-4.8%). Sell-out continues to lag the broader market, with continued competitive pressures and the sell-in/sell-out gap expected to persist until the end of 2026," the research firm said Wednesday. The stock's price target of 72 euros was left unchanged. "Management reiterated FY26 guidance for a low single-digit organic sales decline and a group EBIT margin of at least 11.8%. However, management views the potential impact of ongoing semiconductor shortages on tesa's Electronics business as a potential risk to the division's top line (guidance: flat to slightly growing) and margin outlook (slightly below FY25 levels of 16.1%) in FY26." Analysts also made "small adjustments" to their estimates for the German personal care products manufacturer, reflecting the latest company commentary and foreign exchange rates.