Stifel reaffirms its 'buy' recommendation and raises its target price for Beiersdorf from 138 to 150 euros, following the cosmetics group's announcement of a dividend increase and a 500 million euro share buyback program.

Beiersdorf has begun to address the sub-optimal use of its balance sheet", hailed the broker, who reinforced his Buy position on the share "which should also be supported in the short term by a solid end to a banner year for Nivea and Eucerin", according to his estimates.

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