(News Bulletin 247) – Oddo is keeping its Underperformance recommendation on Swatch stock but raises its target price from CHF 286 to CHF 303.
The analyst wants to be cautious on long-term growth. ‘The increase in our forecasts and a long-term normative margin taken at 17.5% (16.6% prev.) lead us to this price target raised to 303 CHF, but slightly below recent prices’, he explains.
Less ‘optimistic than the consensus in terms of forecasts’, Oddo continues to believe that the group’s growth momentum, beyond the catch-up in China, ‘remains significantly below that of the luxury sector’.
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