LVMH: Credit Suisse still a buyer
(CercleFinance.com) - Credit Suisse reiterates its "outperform" rating on the LVMH share, having raised its corresponding target price from 420 euros to 425 euros, with an increase in peer multiples offsetting reductions in its EPS estimates for the luxury group.
The broker is not unchanging its assumption of a 16% decline in organic sales for 2020, although is reducing its estimate for operating profit by 12% to 7.3 billion euros, followed by 3% for OP in 2021 and 2022.
"We continue to consolidate Tiffany from 2H and our FY22e organic sales and operating profit numbers sit 8% and 4% above FY19 levels," Crédit Suisse adds.
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