Richemont: Oddo still a sell, but raises TP
(CercleFinance.com) - Oddo BHF has reinstated its "reduce" rating on the Richemont share, despite raising its .
corresponding target price from 50 Swiss francs to 58 Swiss francs (current price: 70.8 Swiss francs +2.6%), in the wake of a significant increase in the broker's estimates for the Swiss luxury group after its interim results on Friday.
The broker's target price nevertheless remains over 15% below the share's current price, which, buoyed by a market and luxury goods stocks that are pretty upbeat in the wake of the US election, did not fail to welcome the sound performance posted in the first half of the year, he analyst notes.
Oddo BHF says that it would need to be more convinced regarding the ability of jewellery franchises to grow as fast as soft luxury mega brands in a normalised regime, and on the group's ability to achieve more flattering results at its other divisions.
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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.
corresponding target price from 50 Swiss francs to 58 Swiss francs (current price: 70.8 Swiss francs +2.6%), in the wake of a significant increase in the broker's estimates for the Swiss luxury group after its interim results on Friday.
The broker's target price nevertheless remains over 15% below the share's current price, which, buoyed by a market and luxury goods stocks that are pretty upbeat in the wake of the US election, did not fail to welcome the sound performance posted in the first half of the year, he analyst notes.
Oddo BHF says that it would need to be more convinced regarding the ability of jewellery franchises to grow as fast as soft luxury mega brands in a normalised regime, and on the group's ability to achieve more flattering results at its other divisions.
Copyright (c) 2020 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.