(News Bulletin 247) – EssilorLuxottica posted the strongest rise in the CAC40 with a gain of nearly 5.5%, after the announcement last night of consolidated sales of 6,151 million euros in the first quarter of 2023, up 8.6% at constant exchange rates compared to first-quarter 2022 revenue.
In this context, Oddo BHF maintains its ‘outperformance’ rating on the stock, with a price target raised from 192 to 195 euros.
The analyst indicates that the turnover came out +4% above expectations and that it testifies above all to a notable re-acceleration of 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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