L'Oreal shares slip after CEO gives lower market forecast at JPM event
** Shares in L'Oreal OREP.PA fall 2.9% to the bottom of France's CAC 40 index .FCHI after its CEO gave a lower market growth forecast during a Fireside Chat hosted by J.P.Morgan
** CEO Nicolas Hieronimus said during the event that L'Oreal expects market growth of 4.5%-5%, vs above 5% previously, JPM says in a note
** Hieronimus pointed to China rebound not materialising as expected as a reason for the change, JPM adds
** Jefferies says in a note that the slowdown that was experienced earlier by some companies seems to have arrived for L'Oréal as well
** "As largest and most diversified beauty company, L'Oreal can outperform but not outrun market slowdown," Jefferies says
** Beauty industry is unanimous about market slowdown on anaemic growth in China and volume decrease in the U.S., it adds
** Out of 27 analysts that cover L'Oreal, 13 rate the stock "strong buy"/"buy", 11 "hold", and three "strong sell"/"sell"
Reporting by Leo Marchandon
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