(News Bulletin 247) – While reiterating its ‘neutral’ opinion on Richemont, Oddo BHF raised its target price from 134 to 140 Swiss francs, due to the evolution of the Swiss franc against the euro and the moderate rise in its profit estimates.
However, the design office is not convinced that the Swiss group can follow the medium-term growth of the activity and the results that it envisages on the tenors of soft luxury for which it has an ‘outperformance’ opinion.
“The growth of the group taken as a whole does not seem to us likely to significantly exceed that of the sector and it remains to be seen that the margins of the two main divisions can still progress strongly”, he continues.
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