(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation and its target price of 960 euros on LVMH, the day after the French luxury goods giant’s announcement of organic sales growth well above consensus for the first quarter.
“As always, the fashion and leather goods division was the driving force with a 6% consensus overrun in this area, but all the other divisions also beat expectations,” explains the broker.
‘The Q&A very focused on China and the good performance with both locals and tourists from this country imply further market share gains for the fashion and leather goods division in the first quarter’, he continues.
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