L'Oréal: Jefferies upgrades stock

(CercleFinance.com) - Jefferies has upgraded L'Oréal shares from 'Underperform' to 'Hold', with a target price raised from E362 to E365, and a comparable sales growth assumption for 2024 raised from 5.
6% to 6.3%, while it estimates EPS to fall 1.4%.

Our caution in the face of slowing growth in the beauty market is increasingly reflected in the share price, which is down 17% since the start of the year, the broker summarises.

Jefferies thus sees less risk for short-term estimates, following consensus revisions (and a favorable wind ahead thanks to travel), and downside potential for the valuation of the world's number one cosmetics company from now on.


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