Goldman Sachs reiterates Buy rating on Nestlé

Glonghui, September 8th — The overall performance of the European consumer staples sector is positive, driven by Goldman Sachs reiterating its buy rating on Nestlé and emphasizing its strong investment rationale. Nestlé’s share price rose as much as 2.6%. As of 9:35 a.m. Central European Time, the stock was up 2.3%, turning positive for the year. The European consumer staples basket index compiled by UBS rose about 1%. Goldman Sachs analyst Olivier Nicolai stated that Nestlé’s business transformation is progressing as expected, mainly benefiting from accelerated growth in its highly prosperous pet care business and a recovery in its coffee segment; together, these two sectors account for nearly half of the group’s revenue.