Richemont: Stifel raises target price
(CercleFinance.com) - Stifel maintains its "buy" rating on Richemont shares, raising its target price for them from 160 CHF to 173 CHF, after raising its EBIT forecasts by 6% for 2024 and 2025, after a better-than-expected publication for 2023.
"Cartier and Van Cleef are gaining significant market share in a branded fine jewellery category that remains one of the most fundamentally attractive places to be in our entire coverage," the broker points out.
"Among all the market share winners in the sector, Richemont offers by far the most attractive valuation at 21x calendar 2023E P/E (19.5x ex-cash) and remains our top luxury sector pick," it adds.
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