On Monday, Berenberg raised its 12-month target price for L'Oréal shares from 389 to 436 euros, following Thursday evening's publication of worse-than-expected 4th-quarter results.

The research firm, which is maintaining its 'hold' recommendation on the cosmetics giant, points out that this rare underperformance could be accompanied by a further slowdown in organic growth in the first half of 2024, due to a less favorable base effect on prices.

However, the analyst expects growth to pick up again in the second half of the year, given the group's flattering track record and the attractive outlook for the beauty market.

But with expectations remaining high, Berenberg believes that more attractive buying opportunities could arise in the near future.

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