While reaffirming its 'neutral' opinion on L'Oréal, Oddo BHF is raising its price target from 387 to 416 euros, in the wake of higher adjusted EPS forecasts of +0.6% and +2.1% for 2024 and 2025, the day after the quarterly business update.

The research firm now anticipates organic growth of +7.7% over 2024 (versus 6.2% previously and a consensus of +6.9%), with the operating margin on ordinary activities unchanged at +23 basis points over 2024.

The analyst continues: "EPS growth for 2024, now expected at +8%, should therefore be high enough to further support our demanding but justified valuation multiples.

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