Richemont: Bryan Garnier still a buyer; adjusts target price
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on the Richemont stock, trimming its fair value from 99 Swiss francs to 97 Swiss francs, following a 2% cut in its EPS estimate.
The broker is reassured by management's answers to questions at the end of its analysts' meeting held last Friday, with comments from the group's CFO and its COO.
According to Bryan Garnier, this meeting gave Richemont's management "the opportunity to highlight some points as i/ the LT strategy, ii/ the 2017/18 inventory watches buy back and iii/ the profitability improvement rule."
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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 is reassured by management's answers to questions at the end of its analysts' meeting held last Friday, with comments from the group's CFO and its COO.
According to Bryan Garnier, this meeting gave Richemont's management "the opportunity to highlight some points as i/ the LT strategy, ii/ the 2017/18 inventory watches buy back and iii/ the profitability improvement rule."
Copyright (c) 2018 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.