(CercleFinance.com) – L’Oréal gains nearly 5% and thus takes the lead in the CAC40 in Paris, the day after a publication for the first quarter of 2024 ‘high quality with almost all regions and divisions largely above forecasts’, according to UBS.
At more than 11.2 billion euros, the cosmetics giant’s turnover increased by 8.1% organically (and adjusted for the impact of a change in IT system in North America), i.e. double Oddo BHF’s expectation (and two points above consensus).
This research office now anticipates organic growth of 7.7% in sales and an increase of 8% in EPS for the year 2024, ‘a level high enough to further support demanding but justified valuation multiples’.
While both maintaining their ‘neutral’ positions on L’Oréal, UBS and Oddo BHF raised their price targets, to 467 and 416 euros respectively, while Jefferies maintained its ‘underperform’ opinion and its target of 355 euros.
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