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LVMH: Morgan Stanley still says 'overweight'

(CercleFinance.com) - Morgan Stanley confirms its "overweight" recommendation on the LVMH share, while cutting its corresponding target price from 475 euros to 440 euros, considering the luxury goods group's share as "a saf(er) port in a storm".


While it believes that the group's sales should drop 17% in organic terms in Q1, one of its worst quarterly performances in the last 20 years, the broker thinks that LVMH will have done better than most of its peers.

"However, the group's relative outperformance might not be as significant in 2Q, given geographic mix (with ~25% of its sales in North America, LVMH has one of the biggest exposures to that market) and category/channel mix," the broker says, however.


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