Richemont: Bryan Garnier raises target after sales.
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on Richemont and has raised its fair value from 88 Swiss francs to 92 Swiss francs, given the better-than-expected dynamics posted over the first five months of the year.
The broker underlines that over this period (April to August), the Swiss luxury house posted organic growth of 12%, against a consensus of 10%, mainly driven by Asia-Pacific (+23% ) and the Americas (+9%).
Therefore, Bryan Garnier has raised its 2017-18 earnings estimates by 3%, now expecting organic sales growth of 10% (compared to 7% previously), which implies organic growth of 7% in H2.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker underlines that over this period (April to August), the Swiss luxury house posted organic growth of 12%, against a consensus of 10%, mainly driven by Asia-Pacific (+23% ) and the Americas (+9%).
Therefore, Bryan Garnier has raised its 2017-18 earnings estimates by 3%, now expecting organic sales growth of 10% (compared to 7% previously), which implies organic growth of 7% in H2.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.