Berenberg Updates Puig Brands Estimates, Price Target After Q2 Beat; Hold Rating Kept

11:59 AM EDT, 08/05/2026 (MT Newswires) -- Berenberg revised its estimates and price target for Puig Brands (PUIG.MC) following the company's second-quarter results that came in ahead of expectations. The research firm said Wednesday the Spanish fashion and beauty company's second-quarter group like-for-like growth of 4.1% was 50 basis points ahead of consensus expectations. "Strong sell-out trends, new product launches and a Charlotte Tilbury rollout into Boots UK during the quarter drove the brand's performance to meaningfully exceed expectations. This outperformance offset a weaker performance from Puig's Skincare segment," analysts said. As a result, Berenberg trimmed its sales and EBIT projections for 2026 through 2028. EPS forecasts were revised across the three-year period, with the 2026 estimate nudged up, while those for 2027 and 2028 were reduced, reflecting the latest management commentary and foreign exchange rates. Subsequently, the stock's hold rating was maintained, while its price target was increased to 18.10 euros from 17.70 euros. "We continue to view the risk-reward profile of Puig as balanced ahead of its capital markets day (CMD) on 28 October."