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L'Oréal: Deutsche Bank still a buyer, with TP of E430

( - Deutsche Bank on Tuesday reiterated its buy rating on L'Oreal shares, highlighting the French cosmetics group's favourable business outlook, especially in China.

In a report, the broker said that it is optimistic about the beauty giant's growth in the Chinese market after better-than-expected sales figures were released for October.

Deutsche Bank points out that L'Oréal shares tend to outperform when credit distribution in China stalls, as is currently the case.

In short, despite the stock's relatively high valuation, analysts expect L'Oréal to outperform - they do not expect the stock to devalue relative to the market as the group's results start to outperform the sector.

The broker maintains its target price at 430 euros (current price: 426.5 euros).

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