L'Oréal: Berenberg raises target price

(CercleFinance.com) - On Thursday Berenberg maintained its "hold" recommendation on L'Oreal sharex, while raising its price target for them from 339 euros to 350 euros, following the good start of the year recorded by the group.


In a report, the German broker attributes the strong performance of the French cosmetics giant to stronger-than-expected sales at the L'Oréal Luxe division, where organic growth reached 17.5% in Q1, against a consensus of 13%.

The analyst also praised the robust start of the professional products division, which grew 17.6% over the first three months of the year, above a market forecast of 9.4%.

Despite this stronger-than-expected start to the year, Berenberg believes that a number of risks still surround the group, particularly regarding costs.


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