Richemont: Stifel maintains buy rating, reduces target price
(CercleFinance.com) - Stifel reinstates its "buy" rating on Richemont shares, while reducing its target price for them from 160 Swiss francs to 155 Swiss francs, to reflect a recent downgrade of the Swiss luxury group's peer group.
Following the release of its FY results last week, the broker is leaving its 2023-24 EBIT estimates unchanged, with higher sales expectations offsetting lower margin assumptions across all divisions.
Stifel notes that its trading commentary "was encouraging considering the increasingly volatile and uncertain external environment: Richemont said that sales growth in Asia Pacific remained positive in April (and May) despite significant trading disruption in China".
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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.
Following the release of its FY results last week, the broker is leaving its 2023-24 EBIT estimates unchanged, with higher sales expectations offsetting lower margin assumptions across all divisions.
Stifel notes that its trading commentary "was encouraging considering the increasingly volatile and uncertain external environment: Richemont said that sales growth in Asia Pacific remained positive in April (and May) despite significant trading disruption in China".
Copyright (c) 2022 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.