(News Bulletin 247) – Oddo BHF reaffirms its ‘underperformance’ opinion on Swatch, remaining ‘always cautious on the long-term perspective’, but raises its price target from 246 to 286 Swiss francs, a level which nevertheless remains ‘visibly in below recent prices’.
In view of a solid performance in terms of margin and a confirmed recovery of Chinese tourism, the research office adopted slightly more favorable long-term assumptions, in addition to raising its short-term forecast for the Swiss watchmaker.
‘In fact, we remain cautious on the long-term fundamentals of Swatch in relation to luxury, the group does not seem to us able to follow the still strong growth to come from this industry’, however, qualifies the analyst.
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