JPM ups Puig citing resilience amid rising competition, demand concerns

Puig Brands

17/03/2026 11:02

** J.P. Morgan upgrades Spanish luxury company Puig PUIGb.MC to "neutral" from "underweight" citing stronger-than-expected resilience in early 2026 after strong earnings last year

** JPM expects Puig's Q1 LFL sales to grow 2.2% supported by growth across divisions even though the global fragrance boom cools down while luxury demand remains uncertain

** The broker lifts its 2026 EPS estimate by 9% to 1.07 euros, still about 4% below consensus on still limited revenue acceleration this year amid tough H2 makeup comparison base and limited visibility on sales across the sector

** It says rising competition in fragrances, heavy reliance on Charlotte Tilbury in makeup remain risks, while geopolitical pressures in the Middle East could weigh on sales

** It sees a steady momentum from Carolina Herrera, Rabanne and Charlotte Tilbury brands

($1 = 0.8687 euros)

(Reporting by Gemma Guasch)

((Gemma.guasch@thomsonreuters.com))