European Daily Focus: Thursday, 23rd July 2026

Research evidence excerpt

European Daily Focus: Thursday, 23rd July 2026

es. In the current environment, growth remains important, but cash returns Data Center Summit New York

appear to be the more reliable support for valuations. Chicago Industrials Summit 4-Aug-26Chicago

Aug 11 - 12, 2026

Technology Conference Dana Point, CA

Aug 26 - 27, 2026

L'OREAL (OREP.PA) - Max Headroom regenerated Source : Deutsche Bank

Tom Sykes: Tgt EUR340. Last Close EUR380.65. Sell. L'Oreal continues to be

priced for ~6-7% ongoing like for like growth. We forecast 6.4% adjusted like for like

Figure 4: Global Focusgrowth in Q2 compared to 6.7% in Q1, however, we forecasts 4.1% in Q3 and 4.4%

in Q4. We see the US slowing as we believe spend was likely pulled forward due to FTAIFirst PowerAviationagreementLtd. announced; five-year deal valued at $1.465 billion

the timing of summer promotional events and that the underlying health of the Packaging Corp Of America

consumer implies slower growth for beauty. At the same time, China credit growth 2QInflationBeat as Strong Volume Momentum and Price Realization Offset Cost

has meaningfully slowed, which also points to slower growth in H2. SonocoIndustrialProductsStrength Drives Modest Beat; Reaffirms FY26 Outlook

US Large Cap Banks

2Q26 Recap: Upgrading JPM; Downgrading MTB/PNC; Remain Positive On

TARGET PRICE CHANGES Banks Overall

Early Morning Reid

BARRATT REDROW (BTRW.L) - Headwinds persist - asset value remains Macro Strategy

Chris Millington: Tgt 366p to 364p. Last Close 292.2p, Buy. Barratt Redrow's Source : Deutsche Bank

update pointed to FY26 being in line with expectations, but guidance around the

impact of build cost inflation results in us downgrading FY27/28 PBT forecasts by

23/25%. We now forecast the group to make c.5% ROE for FY27, and with little near