(News Bulletin 247) – Stifel announces the reduction of its FY24-26E earnings forecast by -1.5% due to unfavorable changes in exchange rates since its last update in May.
“We continue to forecast organic sales growth of +12% for FY24, with slightly higher assumptions for Jewelry Maisons offsetting slightly lower growth assumptions for Specialist Watchmakers and Other Maisons,” the company said. ‘analyst.
Stifel retains its buy rating on the stock with a revised price target of CHF170 (from CHF175).
‘Investors rushed to buy during yesterday’s Q1 2024 trade update, but selling looks overdone in our view. Yesterday’s -10% share price decline seems excessive to us, given minor currency-related forecast cuts, further market share gains and compelling fundamentals for Cartier/Van Cleef’ the office says. of analyses.
‘Investors were mainly focused on the slight decline of -2% in the Americas division, which we attribute mainly to the decline in turnover of specialist watch wholesalers’.
Sales in Greater China were up +67% YoY, with Mainland China sales up nearly 60% YoY and Hong Kong/Macau growing triple digits.
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