Tefal maker SEB drops after Berenberg cuts to 'hold'

** Shares in SEB SK drop around 5% to their lowest price since mid-April after Berenberg cut its rating on the French household appliance maker to "hold" from "buy" on higher impact of U.S. tariffs

** "The company's exposure to tariffs in the US (c9-10% of group sales) has proved to be more onerous than we anticipated" the broker says in a note

** The tariff headwind in the U.S. adds to challenges in Europe, where SEB needs to stimulate innovation in its small domestic appliances business, and to diversify its exposure to different coatings in cookware, Berenberg says

** "We feel the company is fighting on too many fronts," it says, cutting its PT by 17% to EUR 88

** It adds that it is less convinced that SEB will achieve its 2025 outlook as it would need to grow its operating result from activity by 21% in H2, vs the broker's forecast for a 13% growth

** Out of 12 analysts that cover SEB, 10 rate the stock "strong buy" or "buy," ​and two rate it "hold" - LSEG data