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Richemont: UBS reduces target price

( - UBS confirms its "buy" rating on Richemont shares, despite reducing its target price for them from 147 CHF to 140 CHF; this new target price still gives the Swiss luxury group's stock upside potential of 31%.

"Despite better than expected H1 of the key JM division, the total EBIT miss reminded the market about the ST earning risks in the sector in this context", the broker says.

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