In a report released today, David Hayes from Jefferies maintained a Buy rating on Intercos S.p.A., with a price target of €15.30.
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David Hayes has given his Buy rating due to a combination of factors, including an improving outlook for the makeup segment where Intercos is particularly well positioned thanks to its strong R&D capabilities. While he anticipates a relatively weak first quarter, he expects momentum to build as a robust order pipeline translates into stronger performance through 2026.
He forecasts that makeup will be the primary driver of organic sales growth next year, with his top-line expectations slightly above consensus and a gradual enhancement in EBITDA margins as targeted investments pay off. In addition, his unchanged target price implies a meaningful price-to-earnings multiple expansion for Intercos, supporting a positive risk‑reward profile and justifying the continued Buy recommendation.
Hayes covers the Consumer Defensive sector, focusing on stocks such as Unilever, Nestlé SA, and Puig Brands, S.A.. According to TipRanks, Hayes has an average return of 3.3% and a 59.34% success rate on recommended stocks.
In another report released on April 2, UBS also maintained a Buy rating on the stock with a €16.10 price target.