BKL – Credit Suisse rates the stock as Neutral

Credit Suisse’s channel check reveals Blackmores gained share in China’s vitamins and supplements market during lockdowns.

The broker estimates that growth may be as high as 20% in the e-commerce channel, with immune health products, CoQ10, glucosamine and fish oil experiencing strong demand.

China represents about 20% to 25% of the company’s sales and just under 25% of earnings, says the broker.

Meanwhile, the broker expects the record flu season should boost sales Down Under. Credit Suisse also suspects Blackmores could be a takeover target given continuing industry consolidation.

Neutral rating and $90 target price retained.

Sector: Household & Personal Products.


Target price is $90.00.Current Price is $70.41. Difference: $19.59 – (brackets indicate current price is over target). If BKL meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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