London, March 17, 2026, 13:03 GMT
Unilever drew attention Tuesday, following word that TD Cowen’s Robert Moskow reaffirmed his Buy rating and stuck with a 5,800-pence price target. Shares in London closed at 4,881 pence on Monday, a 0.96% gain. 1
So, why now? Investors remain in wait-and-see mode as CEO Fernando Fernandez tries to prove the company, fresh from its ice-cream spinoff, can deliver more reliable volume growth. The broker’s call comes just days after Unilever released its annual report and proposed a fresh pay policy for shareholders to consider at the 2026 AGM. 2
According to TipRanks and Investing.com, Moskow’s argument centers on Unilever’s long-term overhaul, a stronger tilt toward faster-growing labels, and signs of better performance in emerging markets. One report points out that TD Cowen is projecting 2% volume growth for 2026—actual units sold, not just price hikes—while rivals are barely managing anything above 0%. 3
According to Investing.com, TD Cowen sees potential for Unilever’s valuation to catch up with its U.S. household and personal-care counterparts. The note flagged Procter & Gamble as an example, noting its six-year run of outperforming competitors after a comparable 2018 restructuring. 4
Unilever struck a more direct tone in its annual report. Remuneration committee chair Susan Kilsby called it “the right time to review the Policy,” arguing the current setup “does not allow us to compete effectively for the best talent globally.” The group pointed out that the U.S. and India account for 32% of turnover today, a figure that could climb to 45% over the medium term. Yet there’s a gap: none of the senior executive team is based in the U.S., and just 7% of the next level operates there. That leaves Unilever looking to fill 20 to 30 roles across its top three management layers. 5
But this has the makings of a governance battle. Unilever’s remuneration report secured 72.29% approval at last year’s AGM. Afterward, the company held 22 meetings with investors and proxy advisers—groups that together account for 46.3% of its share register. 5
The environment’s choppy, too. Back in February, Unilever flagged that like-for-like sales growth would probably hit the lower edge of its 4% to 6% target for 2026 as demand cools in the U.S. and Europe. Still, the company is sticking to its call for at least 2% volume growth, and it’s looking for a slight uptick from the 20.0% operating margin recorded in 2025. 6
That caution is notable, given the broader staples sector has dimmed lately. According to Reuters, the S&P 500 consumer staples index dropped 5.6% in March, coming off a record forward valuation in February as investors shifted funds back into energy and tech. 7
Unilever is due to release its first-quarter trading statement on April 30. Investors looking for evidence that the bull case’s volume thesis is materializing will have to wait for that update. 8
