(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on EssilorLuxottica shares, with a price target raised from 192 to 195 euros.
In the 1st quarter, sales came out at 6,151 ME, representing growth of 9.7% as reported and 8.6% at constant exchange rates. It thus comes out at +4% above expectations and above all bears witness to a notable reacceleration in growth.
‘The group benefited in its main markets from its premium positioning and the very good performance of frames for luxury brands (sunglasses again outperformed in Europe and Asia this quarter), in Asia it also recorded the effects of China’s restart clearly visible in February and March’, notes the analyst.
In this context, Oddo BHF is raising its forecasts for Q2 from +3.4% to +6.4%, Q3 from +3.4% to +4.2% and Q4 from +5.5% to +6.4%, resulting in y/y growth cc for the year now expected at 6.3% vs. +4.0% previously.
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