(News Bulletin 247) – While maintaining its ‘neutral’ position on EssilorLuxottica, UBS raises its price target from 183 to 195 euros, representing an upside potential of 11%, the day after the publication of the giant’s first quarter results Franco-Italian optics.
The broker points out that the group’s total sales, at 6.15 billion euros, exceeded the consensus by 4%, with growth excluding currency effects of 8.6%, compared to +3.9% expected in average by analysts.
‘First quarter results surprised on the upside, particularly in North America, but we are not yet extrapolating trends over the rest of the year’, tempers UBS in the summary of its note.
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