(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Richemont, one of its favorite luxury stocks, while raising its price target from 155 to 160 Swiss francs, on 2024-25 projections of sales and of EBIT raised by 2%.
The broker is showing higher growth assumptions for its jewelry houses, pointing to ‘the return of a very important Chinese clientele, pricing power and further market share gains by Cartier and Van Cleef’.
According to him, these elements ‘should allow Richemont to cope with a period of slowing demand in the United States in the coming quarters’ and the valuation of the Swiss luxury group seems attractive.
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