(News Bulletin 247) – Oddo BHF reaffirms its ‘neutral’ opinion on Richemont with a price target lowered from 145 to 141 Swiss francs, based on its new forecasts for the luxury group the day after a turnover first quarter slightly below expectations.
The design office expects growth of +10.5% for the group in the second quarter and +14% in the third. Its margin forecasts still reflect a slight increase for both the March 2024 financial year (to 25.5%) and March 2025 (to 25.9%).
‘While we believe that Maisons Joailères benefits from above-average fundamentals, the group’s overall performance – as reflected in our DCF – does not seem to us to differ from that of the industry as a whole’, he judges.
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