** BofA Securities downgrades Spanish fragrance firm Puig PUIGb.MC to "neutral" from "buy" and French peer Interparfums IPAR.PA to "underperform" from "neutral", citing "fragrance fatigue" as the beauty cycle rolls over

** The broker notes that the fragrance "super cycle" is nearing its end after five years, a view supported by retailer destocking, negative French export data and a weak launch pipeline

** BofA is expecting Puig to lose market share in H2 and early 2026 as it will likely be less willing to take part in promotions/discounts, and cuts its PT to 15 euros from 18 euros

** BofA says that Interparfums could face "anaemic growth" in 2026 from a lack of new launches, and cuts its PT on the stock by nearly a third to 25 euros

** Interparfums shares are down around 2% at 1107 GMT to their February 2021 lows; Puig shares are down 0.4%

($1 = 0.8535 euros)

(Reporting by Jérôme Terroy)

((jerome.terroy@thomsonreuters.com))