Unilever price target raised to 3,800 GBp from 3,700 GBp at Jefferies

Jefferies raised the firm's price target on Unilever to 3,800 GBp from 3,700 GBp and keeps an Underperform rating on the shares. Jefferies updated its target price ahead of Q2 earnings results, noting that an easier comp from the first half of 2025 continues to support volume/mix growth of over 2% in Q2 of 2026, however the firm estimates that comp will double in the second half of the year. Jefferies continues to "fear challenges to mid-term vols & margin ambitions," putting core valuation at risk.