London, Feb 11, 2026, 07:45 GMT — Premarket
- Unilever finished Tuesday’s session at 5,244p, advancing 1.53%. 1
- Deutsche Bank downgraded Unilever to “hold” from “buy,” sticking with its 5,150p target price. The analysts flagged valuation concerns following the stock’s recent run-up. 2
- Unilever reports earnings on Feb. 12, according to 8 .
Unilever PLC finished Tuesday’s session in London at 5,244 pence, gaining 79 pence after Deutsche Bank cut its rating on the stock, citing valuation. 3
The call drops just as the results window opens. The consumer goods group is set to report Thursday, but with shares already moving higher, there’s not much slack for disappointing numbers.
That’s the rub. Unilever sits firmly in the “consumer staples” camp—think soap, food, daily basics. Investors often gravitate toward it when they’re after something more stable than the broader market.
Tom Sykes at Deutsche Bank points out that shares are trading at 19 times forward 12-month earnings, carrying a 19% premium over the broader market. He’s pulled back his “buy” call, writing that the current valuation just doesn’t justify it anymore. 4
According to Unilever’s investor page, Q4 and full-year 2025 results are set for release on Feb. 12, with the company scheduled to attend the CAGNY conference five days later on Feb. 17. The consensus snapshot currently on display calls for underlying sales growth of 3.5% in 2025, climbing to 4.1% for 2026. Underlying operating margin? Around 20% for 2025. 5
The company favors “underlying sales growth” as its go-to organic metric, which excludes impacts from currency moves and acquisitions or divestitures. In the same table, that growth splits into volume—actual units sold—and price, reflecting how much it increased prices.
The volume line is drawing the sharpest focus from traders. If volume shows strength, it points to demand—rather than prices alone—driving the move.
Margins come next. When costs creep up or promotional spending climbs, staples stocks usually take a hit fast—doesn’t matter if revenue holds steady.
It’s been a subdued stretch, though not without its hints of caution. The STOXX 600 in Europe slipped 0.07% on Tuesday, lingering just shy of its all-time peak as traders weighed company news and kept their eyes on upcoming U.S. data. 6
Unilever shares slid 1.62% on Monday while the FTSE 100 managed just a slight gain, then bounced back on Tuesday. Its stock has been erratic. 7
Another straightforward concern: the stock looks pricey relative to its fundamentals. Should Unilever fall short on volumes, margins, or cash returns, calling it “defensive” won’t shield it from a correction in valuation.
The immediate focus is Thursday’s results, plus whatever 2026 guidance the company decides to share. Then comes CAGNY on Feb. 17, where investors will be looking for sharper detail on management’s view of demand and pricing power.
