UBS Sees 'Challenging' Volume Growth Comparisons for Unilever in FY27

06:16 AM EST, 11/05/2026 (MT Newswires) -- UBS Global Research expects anticipated price hikes and a "challenging" comparison base to restrict Unilever's (ULVR.L, UNA.AS) volume momentum in full-year 2027, even after the consumer goods giant presented its "impressive" transformation at its recent capital markets day. "We do not expect the group's 2026 and 2027 UOM development to be better than 'modest'. Input cost headwinds, negative mix (Home Care growing ahead of the group average), stranded costs and sustained reinvestments should result in 10-20bps UOM expansion in 2026 & 2027. Furthermore, we see a 2%+ UVG next year as particularly ambitious owing to the particularly elevated comparator and upcoming pricing actions (ex Foods, consensus for +2.3%, UBSe +1.2%)," analysts said Thursday. The research firm also pointed to other persistent overhangs expected to cap share performance, including the pending separation of its foods business, potential impact of pricing actions in emerging markets, and priced-in market expectations. Against this backdrop, UBS rates the stock at sell, with a price target of 43.90 pounds sterling.