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L'Oréal: Bernstein downgrades stock

( - Analysts at Bernstein have downgraded L'Oréal shares from "outperform" to "sector perform", albeit with a target price raised from E400 to E445.

In a sector report the broker justifies its decision by the share's 31.5% rise YTD, a rise which it believes has brought it close to the valuation model that it has established for the stock.

More generally, Bernstein believes that the European consumer goods sector is currently overvalued by up to 10%, while the economic outlook shows no potential for recovery.

Even so, analysts believe that L'Oréal remains one of the best companies in its sector, and one of the strategic stocks to hold alongside Beiersdorf, Lindt and Nestlé. However, they do not believe they can recommend investors to increase their positions further in the current environment.

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