Citi‘s Most Read - Consumer

Research evidence excerpt

Citi‘s Most Read - Consumer

Roundup |

Citi's Most Read - Consumer

June 22 - June 28 29 Jun 2026 05:47:32 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Consumer Super-Sector consists of the Consumer Discretionary, Consumer

Staples, and Commercial & Professional Services sectors. Please find below a

collection of our most impactful recent research in the Consumer Global Super-

Sector – we hope you find it thought-provoking.

Most Read

L'Oréal (OREP.PA) - FY27 OSG acceleration to create a new trading range. Worth

being early despite H2 cycling – Upgrade to Buy

We upgrade L'Oréal to Buy and raise our TP to EUR435, anticipating a new, higher

trading range for the stock later in the year. Our Buy thesis is driven by a

forthcoming acceleration in OSG to a 5.5-6.5% range starting in 2027, fueled by

the integration and ramp-up of Kering Beauty. This should be enough to look

through an inevitable, but well flagged, H2 2026 slowdown, as it is a temporary

issue of comps, and not a structural deceleration as suggested by our analysis

around the multiplier. This new, multi-year growth profile should allow the stock

to decouple from peers and support a valuation re-rating back to 3-years average.

We thus believe it is worth being early, despite H2 comps in anticipation of OSG

upgrades late 2026.

Buy | Target price €435.00

Cedric Besnard | Emily L Tedbury

Contract Caterers - Quantifying and valuing the USA datacenter opportunity for

Aramark and Compass

Innovation Lab