L’Oreal’s (LRLCY) Q3 sales were well below expectations, with 3.4% like-for-like sales vs. the 6% consensus, Jefferies tells investors in a research note. The analyst adds that the Derma unit missed by 10 percentage points, while the Consumer products was also weaker than expected, North Asia continued to disappointed, and Mainland China was down high single digits. The firm, which made no change to its Hold rating or EUR 365 price target sees further downward revisions to FY24 like-for-like consensus expectations.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LRLCY:
- L’Oreal reports Q3 sales EUR 10.28B, up 3.4% like-for-like
- L’Oreal price target raised to EUR 479 from EUR 472 at Barclays
- L’Oreal downgraded to Underweight from Neutral at JPMorgan
- L’Oreal price target lowered to EUR 430 from EUR 466 at Morgan Stanley
- L’Oreal downgraded to Underperform from Neutral at Exane BNP Paribas