Deutsche Bank reaffirms its 'buy' recommendation on Unilever, with its target price raised from 4600 to 5000 pence, pointing out that the fast-moving consumer goods group significantly outperformed market forecasts in the first half of the year.

Gross margins are being rebuilt, but the company is still in the early stages of its restructuring, and we see an opportunity for the valuation multiple to advance as it generates higher EPS growth', the broker judges.

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