(News Bulletin 247) – Stifel reaffirms its ‘buy’ advice on Richemont with an adjusted price target of 173 to 175 Swiss francs, in the wake of 2024-25 sales and EBIT estimates raised by 1% and 2% respectively on increased organic growth assumptions.
‘Cartier and Van Cleef are gaining significant market share in fine brand jewelry, which remains one of the most fundamentally attractive places to be in our entire universe of coverage,’ recalls the broker.
Stifel also highlights ‘the gradual recovery of a major Chinese clientele, as well as the pricing power and a strong appetite of luxury consumers for Richemont’s timeless and emblematic jewelry and watches’.
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