(CercleFinance.com) – Stifel reaffirms its ‘buy’ recommendation on L’Oréal with a price target raised from 405 to 410 euros, in the wake of operating profit estimates (EBIT) 2022-23 raised by 3% after sales deemed reassuring in the second quarter.
‘L’Oréal continues to grow at a rate more than twice as fast as the global beauty market in the first half, with a notable outperformance in China where it reached record market share levels’, underlines the broker.
“L’Oréal’s valuation premium (at 30x expected EPS for 2023 according to our estimates) seems well supported, and the stock remains our favorite in the personal and household care space in Europe,” he adds.
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