L'Oréal: Oddo BHF cuts TP after results

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on L'Oréal shares, with a target price reduced from E401 to E380, to reflect the adjustment of its estimates.


Last night, L'Oréal reported current diluted EPS of E12.7 at +5% vs. VA css at +1% and Oddo-BHF at -1%. This better performance was mainly due to a lower-than-expected current IS rate.

Nevertheless, the main disappointment came from Q4, where organic growth (2.5% vs. VA css at 3.9% and Oddo BHF at 3.5%) was admittedly expected to be modest, but not down on Q3, the analyst says.

Beyond the figures, we believe that the main focus remains on North America and Latin America, while North Asia remains in negative territory, Oddo BHF adds.

Management also reiterated its confidence in the outlook for growth in the Beauty market, and above all in the group's ability to outperform.


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