L'Oréal: Jefferies still says 'hold'
(CercleFinance.com) - Jefferies maintains its "hold" recommendation on the L'Oréal share, along with its target price of 235 euros, while trimming its EPS estimates for the world leader in cosmetics "due to a series of events".
The broker points to the persistent weakness in mass-market and prestige cosmetics in the United States, prolonged difficulties in travel retail in Hong Kong, and a significant weakness in the UK.
"Offsetting, the addition of Prada to the ultra-luxe portfolio in 2021 adds a growth driver in an increasingly Asia premium/lux dependent growth story," Jefferies says however.
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