L'Oreal : Strong disappointment from Q3, despite management’s confidence
>Negative reaction expected in trading - Neutral rating maintained, with the target price lowered to € 401. Despite the share’s underperformance since the end of June, a negative reaction is expected following the release of Q3 showing disappointing organic growth of 3.4%. With Q4 seen following a similar trend, organic growth is expected converge towards 5.5% over 2024 (vs VA consensus of 6.9% pre-release). The lowering of organic growth forecasts for 2024 and 2025,...L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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