(News Bulletin 247) – Deutsche Bank lowered its recommendation on L’Oréal on Wednesday, bringing it back from ‘buy’ to ‘hold’ mainly because of questions related to its valuation.
In a research note published in the morning, the analyst explains that he continues to appreciate the French cosmetics giant, in particular because of its structural outperformance over the long term.
As such, the intermediary sees the group continuing to do better than its market even in the context of a slowdown in growth in the United States.
Deutsche Bank considers, however, that the current level of valuation of the action largely integrates the reopening of the Chinese economy and the defensive characteristics of the title.
It thus maintains its target price of 410 euros on the value.
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