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Richemont: Credit Suisse cuts target price

( - Credit Suisse reinstates its "underperform" rating on the Experian share, and has cut its target price from 52 Swiss francs to 48 Swiss francs, in the wake of adjusted 2020-21 forecasts for the Swiss luxury group (whose brands include Cartier, amongst others).

Thus, the broker now anticipates FY 2020-21 sales to fall by 10% in organic terms, with operating profit of 801 million euros. For 2022-23, it expects sales to be respectively flat and 8% lower compared to pre-crisis levels.

"We view Cartier as the most iconic jewellery brand but we believe a return to pre-crisis profitability levels will take longer than most industry players," the broker says.

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