Jefferies analyst Mitsuko Miyasako upgraded Shiseido (SSDOY) to Buy from Hold with a price target of 7,500 yen, up from 6,200 yen. The firm expects a continued recovery in the Japanese domestic cosmetics business and recommends focusing on inbound activity by Chinese visitors, and particularly on cosmetics as a sub-sector because of its large inbound impact. In a comparison of Chinese sales for coverage cosmetics in 2022, Shiseido had the smallest decline when compared with Kose and Pola Orbis (PORBF), said the firm, adding that Shiseido was "also clearly the top-ranked Japanese brand in the Singles Day event in 2022."
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