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Richemont: Credit Suisse raises target price

( - On Monday morning, Credit Suisse analysts said that they have raised their target price for the Richemont share, while confirming their "Underperform" rating.

They have raised from 48 Swiss francs to 55 Swiss francs (Monday's closing price: 60 Swiss francs; share pretty flat towards midday on Tuesday).

"Ahead of 1Q sales on 16 July, we trim our 1Q and FY21e organic sales forecasts to -47% and -12%. The sales cut and stronger euro are largely offset by a better category mix leading to a 1% average increase to our FY21-23e EPS forecasts," the broker said.

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