Analyst David Hayes of Jefferies maintained a Buy rating on Puig Brands, S.A. (PUIG – Research Report), retaining the price target of €24.50.
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David Hayes has given his Buy rating due to a combination of factors including Puig Brands, S.A.’s strong performance in the fragrance segment and the company’s ability to meet its full-year guidance. The company has shown nearly double-digit like-for-like sales growth in its fragrance division, which has been a significant contributor to its overall success.
Despite challenges in the makeup segment, particularly due to the lingering effects of a product recall and a slowdown in category momentum, the overall group performance exceeded expectations. The stock is considered undervalued, especially given its strong performance in the fragrance sector, and there is optimism for improvement in the makeup segment in the following quarter. Therefore, the Buy rating is maintained.
According to TipRanks, Hayes is ranked #3196 out of 9371 analysts.
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