(News Bulletin 247) – Stifel reiterates its ‘hold’ recommendation on Swatch Group, with a price target reduced from 325 to 290 Swiss francs, in the wake of a 3% reduction in its 2023-25 EBIT projections for the Swiss watchmaker.
“The stock is a value card for luxury, but we see stronger selling momentum, larger consensus upside margins and better defensive attributes elsewhere in our coverage,” the brokerage explained.
Stifel anticipates strong year-over-year growth for the first half of 2023, but he thinks investors’ attention should focus in particular on the implications for the outlook of China’s recent economic weakness.
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