Puig Price Target Up as Berenberg Notes Strong Q3 Sales

07:56 AM EDT, 10/23/2026 (MT Newswires) -- Berenberg ticked up its price target on Puig Brands (PUIG.MC) to 18.20 euros from 18.10 euros, noting that the Spanish fashion and beauty company delivered a "strong set" of results in its third-quarter sales update. "The company delivered Q326 group lfl growth of 5.6%, 70bp ahead of consensus forecasts. Makeup was the surprise standout, beating consensus growth expectations by over 12ppt on strong sell-out and distribution gains at Charlotte Tilbury. This more than offset softer-than-anticipated performances from Puig's Fragrance and Fashion and Skincare divisions," Berenberg said in a Friday note as it retained its hold rating on the stock. For 2026, the research firm expects Puig's makeup division to be the core driver of 4.1% group like-for-like group growth as management continues to anticipate the company's like-for-like full-year revenue to outperform the premium beauty market. Berenberg also raised its sales forecasts for 2026 through 2028. EPS projections were also revised, with the 2026 estimate left unchanged and those for 2027 and 2028 increased, largely driven by the latest foreign exchange moves.