Jefferies upgraded L’Oreal to Hold from Underperform with a price target of EUR 365, up from EUR 362. The firm’s caution on the slowing beauty market growth is “increasingly priced in”, as the stock has now fallen 17% year-to-date, the analyst tells investors in a research note. Risk to outer-year growth expectations for L’Oreal remains, but there is less downside to valuation from current levels, the firm added.
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