JPM sees fragrance boom slowing, double cuts Puig

About this update from Puig Brands, S.a. Class B

** 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

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