Barclays reiterates its 'overweight' recommendation on L'Oréal with a price target lowered from 479 to 442 euros, pointing out that the group has missed expectations in three of the last four quarters, with China consistently worse than feared.

'However, growth in developed markets remains robust and execution remains impressive. We are reducing our short-term figures, but when the macroeconomy turns around, L'Oréal looks well positioned to accelerate again', the broker nuances.

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