UBS reaffirms its 'buy' recommendation on Nestlé despite a price target lowered from 121 to 118 Swiss francs, a new target still implying a potential upside of 25% for the Swiss food group's shares.

In the summary of its note, the broker justifies its positive view of the dossier by 'a convincing valuation and the possibility of further upgrades and a significant improvement in real internal growth during 2024'.

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