Evercore ISI notes that Beauty stocks are down after L’Oreal (LRLCY) CEO Nicolas Hieronimus recalibrated his expectations for the underlying growth of the global beauty market to 4.5%-5% from 5% earlier today in Europe. L’Oreal’s downtick reflects China’s volatility and a “slightly negative” 6.18 shopping festival. Given exposure and continued strength in prestige fragrances, as per today’s comments, the firm reiterates its view that Coty (COTY) shares reflect Beauty’s best risk-reward tradeoff.
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