Danone (Rating change from Attractive to Unattractive*) did not meet earnings expectations with its result (underlying earnings / share EUR 2.78 vs. consensus EUR 2.84) and the outlook is dimmed. In 2014, the company expects sluggish demand in Europe, milk prices that continue to rise and strong exchange rate fluctuations in the emerging markets. Neither in the result, nor in the medium-term outlook, we see a trigger that justifies a higher valuation of the stock and therefore change our rating to unattractive.
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