Richemont: Bryan Garnier confirms buy rating

(CercleFinance.com) - On Thursday Bryan Garnier confirmed its "buy" rating on the Richemont stock, along with its target price of 96 Swiss francs, after the group reported a 7% increase in Q3 sales, against a 6% rise expected by the consensus.


The group's 9m sales reached 8.72 billion euros, in line with analysts' average forecast of 8.73 billion euros. Although they slowed in Q3 (+7%) relative to H1 (+12%), the group had to contend with a high comparison basis, the broker pointed out, which in particular greeted dynamic performance in the Asia/Pacific zone (+20% of sales over the first 9 months).

Representing 30% of overall 9m sales, revenues in Europe grew by only 9% over this period (-1% in Q3), partly because of the strength of the euro, the broker explained.


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