Puig shares rally following Berenberg and Jefferies valuations

Madrid – Despite the initially lacklustre results reported by Puig for the first half of its 2026 financial year, published exactly one week ago, the accounts of the owner of Carolina Herrera, Jean Paul Gaultier and Paco Rabanne appear to have been well-received by the market and analysts. This is evidenced by the latest valuations the Spanish company has received, which have pushed its share price higher.

In this regard, on Wednesday, August 5, 2026, a new valuation for Puig was released by the German investment bank Berenberg. The financial analysis firm highlighted Puig's growth in the second quarter of the year (+4 percent). This not only represented an increased pace of growth compared to the first quarter (+0.8 percent) but also saw the company exceed market expectations. Specifically, it recorded a revenue increase 50 basis points above the +3.6 percent growth consensus estimate for the second quarter.

Following an analysis of these accounts and considering the estimates provided by its management, the German financial institution has revised its forecasts for Puig. It has adjusted its sales and EBIT projections downwards for the 2026 to 2028 period. An adjustment was also made to its earnings per share forecasts, which were slightly raised for 2026 but lowered for the 2027 and 2028 financial years. The review concluded with a decision to maintain its “hold” recommendation for Puig's shares, while also slightly raising the price target from 17.70 to 18.10 euros (20.43 dollars to 20.90 dollars) per share.

“Strong final sales trends, the launch of new products and the rollout of Charlotte Tilbury in Boots UK during the quarter allowed the brand's profitability to significantly exceed expectations,” Berenberg noted in a statement. “This strong performance offset the weakness in Puig's skincare segment,” its analysts added, for a company where “we continue to see the risk-reward profile” as “balanced ahead of its investor day on October 28”.

Consensus price target of 19.70 euros per share

Alongside this latest valuation, US investment bank Jefferies also raised its price target on Wednesday, August 5, with the publication of a recent restricted report on Puig. An analysis by Molly Wylenzek revealed the investment bank's decision to maintain its buy recommendation on Puig's shares. It also agreed to raise its price target from 20 to 21 euros per share.

Following these latest recommendations and the improved price target, the market consensus places Puig's share price target at 19.70 euros. This metric is derived from the minimum valuation of 16 euros per share and the maximum of 23.60 euros per share held by analysts for the owner of Carolina Herrera. The shares closed trading on Wednesday, August 5, at 17 euros per share. Analysts therefore see an upside potential of +15.88 percent, up to a maximum of +38.82 percent.

Value increase of more than 4 percent in less than 48 hours

It remains to be seen how this will evolve over the coming weeks, leading up to the publication of Puig's third-quarter results, scheduled for the week of October 26. The Spanish company's shares have appreciated by +4.10 percent, rising from 16.33 euros at the open on August 4 to 17 euros at the close on Wednesday, August 5. This rally, driven by the latest valuations, sees the company return to the 17 euros per share mark, a level it had not reached at the close of a trading day since July 7.

Putting this appreciation into a broader perspective, with its shares at 17 euros, Puig's stock is up +1.85 percent compared to the 16.69 euros at which they closed on July 30. This was before the publication of its latest half-year results after the market close on the same day. The slight increase, however, does not erase the cumulative fall of -30.61 percent that Puig's shares still show compared to the 24.50 euros at which they were listed on May 3, 2024.