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L'Oreal: Looking Interesting Again For Long-Term Investors (Upgrade)
Shares of L'Oreal haven't been immune to recent events in the Middle East, driving them to a loss of around 10% since my last update in the fall. It wouldn't be difficult to pitch a bearish case around spiking energy prices and weaker consumer spending, but the company's underlying fundamentals are attractive. LRLCY nearly always seems expensive. Healthy category growth, the company's history of outperformance, its high earnings quality, and its strong balance sheet justify a rich multiple.
