(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on LVMH with a price target raised from 860 to 895 euros, with EPS forecasts raised by 1% for the period 2023-25, driven by organic growth assumptions higher.
“LVMH should benefit from a substantial tailwind in China after the reopening, as well as encouraging signs of a gradual recovery in foreign travel activity from China”, explains the broker in particular.
“LVMH offers strong pricing power, a proven defensive track record in leather goods fashion in past down cycles and a strong brand portfolio that typically benefits from a ‘flight to quality’ when the environment toughens,” continues -he.
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