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LVMH: UBS still on hold

( - The analyst believes that Q1 2024 figures are as expected, with little short-term visibility, therefore confirming a neutral rating on the stock, with an unchanged target price of E849.

Q1 sales are in line with expectations, although no indication of a slower pace of sales would reassure the market in the context of the recent weakness in the share price: we therefore remain neutral, UBS says.

The Group's Q1 organic sales growth of +3% is in line with expectations (UBSe estimate of +2%), with total sales reaching E20,694m (slightly above UBS estimate of E20,485m). The largest division, Fashion & Leather Goods, achieved organic growth of +2% at E10,490m, the broker adds.

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