In a report released today, David Hayes from Jefferies maintained a Buy rating on Puig Brands, S.A., with a price target of €20.00.
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David Hayes has given his Buy rating due to a combination of factors, primarily Puig’s ability to surpass first-quarter expectations despite a difficult operating environment. The company delivered stronger-than-anticipated organic growth, showing that its core brands and execution remain resilient even as the sector faces macro and channel headwinds.
He also highlights particularly solid momentum in fragrances and a better-than-expected performance in makeup, easing concerns about shifts across sales channels and regional demand, especially in EMEA. While ongoing discussions about a potential tie-up with Estée Lauder provided no fresh details and thus muted the immediate market reaction, he maintains confidence in the equity story and keeps his price target unchanged at $20, supporting the Buy recommendation.