Barclays reaffirms its 'overweight' recommendation on Nestlé, but lowers its price target from 125 to 110 Swiss francs, following the publication of the Swiss food group's 2023 results last week.

While acknowledging that Nestlé has been punished for a number of missteps, the broker believes that its targets now look realistic, with weak RIG already reported for the first quarter of 2024.

'There are a number of RIG drivers beyond Q1, which could lead to sequential improvements over the rest of 2024. However, Nestlé has lost its once famous benefit of the doubt', he continues.

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