Richemont: UBS maintains buy rating
(CercleFinance.com) - Richemont has published a 61% increase in profit to 2.
08 billion euros for its FY to end-March, as well as a 6.5-point improvement in its operating margin to 17.7%.
At nearly 19.2 billion euros, the group's revenues increased by 46% (+44% at constant exchange rates).
Following this announcement, UBS has confirmed its buy rating on the stock with a target price of 151 Swiss francs.
"We address the key pushbacks from investors following the "seemingly" disappointing FY22 results last week. CFR remains our top pick," UBS said.
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