(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on L’Oréal shares, with a price target raised from 346 to 387 euros.
The analyst reports that the quarterly turnover of L’Oréal came out almost 9% beyond expectations, ‘the amplitude of the surprise is from unpublished memory’, underlines the broker. Sales thus amount to 10,380 ME, representing organic growth of 13%.
‘L’Oréal is undoubtedly the quality pure player with the most successful model among European and US Food Spirits HPC players. We believe that this superiority is very strongly reflected in PE multiples (36x 2023e)’, judge Oddo BHF.
In this context, the analyst indicates that he is revising his EPS forecasts for 2023 and beyond by 3% following Q1, which now leads him to anticipate organic growth of 10% for 2023.
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