(News Bulletin 247) – JPMorgan initiated monitoring of EssilorLuxottica shares on Thursday with an ‘overweight’ recommendation and a price target of 215 euros by the end of 2024, representing an upside potential of 26%.
In a note published in the morning, the intermediary considers that the whole resulting from the merger of French and Italian eyewear manufacturers is “much more powerful” than the simple sum of their parts.
The analyst points out that the synergies generated by the group should allow it to continue to grow faster than its sector, both in terms of growth in turnover and improvement in profits.
In view of this dynamic, JPMorgan believes that the objectives communicated by the group, namely a growth in activity of around 15% and an operating margin of 19% or 20% by 2026 are completely ‘achievable’ .
In his study, the professional points out that EssilorLuxottica stocks have lagged somewhat since the start of the year, a feature that makes him see current levels as an interesting entry point.
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