UBS has maintained a 'neutral' rating on L'Oréal while reducing its price target from €415 to €409, indicating an 11% upside potential. The downgrade follows a disappointing third-quarter performance, a cautious outlook, and a proposed tax increase in France, leading to a 5% cut in the EPS estimate for 2025. UBS notes a lack of positive catalysts in the near term, limiting the potential for a share price increase.