L'Oréal: Oddo BHF still on hold, raises TP

(CercleFinance.com) - While confirming its 'neutral' rating on L'Oréal shares, Oddo BHF has raised its target price for them from E387 to E416, after raising its adjusted EPS forecasts by +0.
6% and +2.1% for 2024 and 2025 respectively, the day after the quarterly business update.

The broker now anticipates organic growth of +7.7% over 2024 (vs. 6.2% previously and a consensus of +6.9%), with the operating margin on ordinary activities unchanged at +23bp over 2024.

The analyst adds that EPS growth for 2024, which is now expected at +8%, should therefore be high enough to further support our demanding, albeit justified, valuation multiples.


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