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EssilorLuxottica: shares gain on UBS upgrade

( - Shares in Franco-Italian eyewear giant EssilorLuxottica are up on Monday after UBS upgraded the stock from "neutral" to "buy" and increased its target price from 110 euros to 145 euros, meaning upside potential of 11%.

In a research note, UBS analysts say that they are now integrating 470 million euros in synergies by 2023 into their new model, which is 9% above the consensus, after a deep-dive sector analysis.

EssilorLuxottica shares are one the few risers in the CAC 40 index this morning following these comments, up 0.3% at 130.7 euros.

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