** J.P.Morgan sees the global fragrance market, which enjoyed a strong run since the COVID pandemic, to slow growth in the next few years, and double cuts its rating on the Spanish beauty company Puig
** The broker says the next 12 months could be volatile due to weaker consumer backdrop, while tariff-led higher prices in the U.S. could be a risk when demand slows
** It moves Puig to "underweight" from "overweight" and halves its PT to 12.5 euros as it lowers its 2026 earnings estimates, citing the company's high exposure to fragrance
** Puig's stock is down around 4%
** JPM sees its French peer L'Oreal EURONEXT:OR as much more resilient, cutting its 2026 EPS estimate 2% lower