JPMorgan Says Natura Cosmeticos Sales to Improve

Natura Cosmeticos SA (NATU3), Latin America’s largest cosmetics maker, will see faster sales growth as it improves distribution, according to JPMorgan Chase & Co.

“Natura is going through an inflection point in sales,” Andrea Teixeira, a senior analyst for the bank in New York, said in an interview. “Sales will likely recover because of the distribution and logistics initiatives in the past 12 months.”

Natura’s revenue increased 8.9 percent to 5.59 billion reais in 2011 ($3.05 billion), according to data compiled by Bloomberg, the slowest growth since at least 2003.

The shares rose 3.8 percent to 41.50 reais at the close of trading in Sao Paulo, the biggest advance on the Bovespa, which fell 1.9 percent today. Natura has gained 14 percent this year.

Teixeira has a neutral rating on the shares and a December price target of 47 reais.

To contact the reporters on this story: Zachary Tracer in New York at; Denyse Godoy in Sao Paulo at

To contact the editor responsible for this story: David Papadopoulos at

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