(News Bulletin 247) – Stifel confirms its buy rating on the Richemont share, with an unchanged price target of 175 CHF.
The broker reports that Richemont recorded growth of +19% at constant exchange rates for the 1st quarter of its 2024 financial year, i.e. the three-month period ending in June.
This constitutes ‘a solid start to fiscal year 24, broadly in line with the consensus of +20%’, underlines the analysis office.
Growth for the quarter was driven by the main Jewelry Houses (+24% vs. +23% consensus), retail (+24% vs. +23% consensus) and Asia-Pacific (+40% vs. +41% consensus).
In reported data, the group’s turnover of 5.3 billion euros is 2% below expectations, reflecting a headwind of -5% on exchange rates.
‘Richemont offers an attractive valuation and remains our first choice in the luxury sector,’ concludes Stifel.
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