L'Oreal slumps to 9-mth lows as weakening beauty landscape poses risks to growth
** Shares in beauty giant L'Oreal OREP.PA slump 4%, to their lowest price in 9 months, following a rating downgrade from J.P.Morgan and hurt also by a negative read-across from weak LVMH LVMH.PA Q3 figures
** "We see the company growth expectations and premium rating at risk amid a global Beauty market that is weakening faster than expected," JPM says cutting the stock to "underweight" from "neutral"
** JPM expects the group's top-line growth to normalize at about 4%-5% over 2025-2026 - levels not seen since 2017
** "While L'Oreal has been able to mend profitability when its top line slowed, we nonetheless expect a deterioration in P&L delivery," the broker says, cutting its 2025/26 estimates which are now 6% below consensus
** Separately, Jefferies flags negative read-across from LVMH perfumes and cosmetics and selective retailing units which both grow less than expected
** This provides for a readthrough of softer environment for beauty, it says, adding this may lower Q3 sales expectations for L'Oreal
Reporting by Piotr Lipinski
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