STOCKS | Goldman Sachs Reiterates Buy Rating on Nestle as Transformation Progress Meets Expectations

European consumer staples stocks traded higher, with Nestle shares rising as much as 2.6% after Goldman Sachs reiterated its buy rating and said the company has a strong investment case. According to Sina Finance, the stock was up 2.3% at 9:35 a.m. Central European Time, turning its year-to-date performance positive. According to Sina Finance, UBS's basket of European consumer staples stocks rose about 1%. Goldman Sachs analyst Olivier Nicolai said Nestle's business transformation is progressing as expected, helped by faster growth in its pet care business and a recovery in its coffee business, which together account for nearly half of group revenue.