L’Oreal upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded L’Oreal to Overweight from Equal Weight with an unchanged price target of EUR 450. The firm says amid increasing uncertainty as to the state of the consumer, it is refocusing its household and personal care stock picks on those companies “where we have visibility on growth and margin, pivoting away from ‘show-me’ turnarounds.” The analyst cites L’Oreal’s superior growth, margins, low own-label exposure, and ability to take market share for the upgrade.