Jefferies assumed coverage of L’Oreal with an Underperform rating and EUR 340 price target. The firm is cautious on the food and household and personal care sector as it expects a further year of de-rating, catalyzed by below-consensus estimates. The analyst prefers value names with operating margin upside, or good categories not fully valued, while avoiding “those with meaningful reinvestment still needed” or priced for “perfection.”
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