Richemont: Credit Suisse upgrades stock
(CercleFinance.com) - Credit Suisse has upgraded its rating on the Richemont share from "underperform" to "neutral".
Alongside this upgrade, the broker has increased its corresponding target price to 75 Swiss francs, from 57 Swiss francs previously.
The analyst has increased forecasts for operating profit for 2021 from 675 million euros to 1,119 million euros, as a result of higher FY21e organic sales estimates, at -8% from -12% previously.
Crédit Suisse expects a stronger recovery in demand and improved cost control.
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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.
Alongside this upgrade, the broker has increased its corresponding target price to 75 Swiss francs, from 57 Swiss francs previously.
The analyst has increased forecasts for operating profit for 2021 from 675 million euros to 1,119 million euros, as a result of higher FY21e organic sales estimates, at -8% from -12% previously.
Crédit Suisse expects a stronger recovery in demand and improved cost control.
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.