L'Oreal rises after Jefferies sees company outperform peers in second quarter
BUZZ-L'Oreal rises after Jefferies sees company outperform peers in second quarter ** Shares of French Cosmetic maker L'Oreal OREP.PA rise 2.5% to €385.2 after Jefferies raises their target price from €323 to €328 ahead of first-half results
** The broker says L'Oreal has outperformed peers in Noram and EU Nielsen data for the last 12 months and it expects growth ahead of the category in second quarter
** The target price increase reflects a 3% jump in earnings, partially offset by an increase in the discount rate, the broker says
** "We believe the discrepancy between adjusted growth & Nielsen is driven by performance in untracked channels, predominantly luxe," Jefferies says
** Data shows a stronger growth outlook on the beauty sector in China, says the broker, adding that L'Oreal has gained shares in the online channel
** Session's gains added 4.8 billion euros to company's market cap, according to LSEG-compiled data
(Reporting by Margaux Perrin in Gdansk)