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L'Oréal: Jefferies reiterates its recommendation after quarterly results

( - The analyst indicates that he is underperforming the share with a price target of E355 following last night's announcement of Q1 2023 figures.

First-quarter sales were well ahead of Alpha Value's consensus of 6.0%, at 9.4%. The Luxury division slightly missed expectations, but was more than offset by continued growth in the Consumer Products business,' says the analyst firm.

' Growth in North Asia was also weak at -1.1%, but was more than offset by a 500 basis point improvement on consensus in Europe ' adds Jefferies.

' This result should lead to a strong positive reaction from equities '.

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