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Consumer Goods: Hold Unilever (UN-NYSE) up to $38-40

Posted May 8, 2008

By Laura Cadden, TodaysFinancialNews.com
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Baltimore (TFN): On April 17, I recommended you buy the world’s third largest consumer goods group Unilever Plc/NV (UN:NYSE) at or under $36 a share before the next ex-dividend date of May 19. The stock closed at $33.54 that day.

The company announced today that Unilever beat forecasts due to an admirable 7.2 percent rise in first-quarter underlying sales. They also upgraded their annual sales growth expectations to come in above their initial 3-5% forecast.

Watch the financial video of the original.

The company also beat quarterly earnings forecasts, thanks to profits from disposals and increased prices due to raw material costs.

Share prices today jumped around 5 percent in London and on the New York Stock Exchange.

The stock remains a good buy up to $36, especially in view of its upcoming ex-dividend date (May 19). My target price for the stock this year ranges from $38-40, which would translate into gains of 13%-plus over our initial entry price.

Nothing spectacular, but good and steady.
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Posted by Laura Cadden · Filed Under Hot Stock Pick of the Week, US Stocks and Markets 

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