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Investing.com - Barclays (LON:BARC) downgraded Puig Brands SA (BME:PUIG) from Overweight to Equalweight and lowered its price target to EUR21.00 from EUR22.60 on Tuesday.
The downgrade comes as Barclays believes the fragrance category, which accounts for 69% of Puig’s portfolio, continues to moderate. The firm noted that Puig has not been rewarded for category outperformance during higher growth periods and questions why it would be rewarded as growth normalizes.
Barclays suggests Puig likely overperformed in Q1 2025 with 10.4% like-for-like growth but expects continued moderation in Q2, with the EMEA region likely remaining lower for the rest of 2025.
The firm expressed concerns about Puig’s medium-term like-for-like growth guidance of 6-8%, noting that fragrance will likely moderate into 2026, while skincare and makeup (approximately 30% of group sales combined) may not offset lower fragrance growth.
For fiscal years 2026 and 2027, Barclays forecasts like-for-like growth of 6.3% and 5.4% respectively, compared to Bloomberg consensus estimates of 6.8% and 6.6%.
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