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LVMH: Morgan Stanley raises its target price.

(CercleFinance.com) - Morgan Stanley (MS) has reiterated its "overweight" recommendation on the LVMH stock, and has nudged up its target price from 255 euros to 260 euros after the group's trading update, in a sector report on the luxury sector.

"While Q3 might prove to be a relatively resilient quarter for Luxury, we think a more cautious tone on Q4'17 and H1'18 is likely to limit upward earnings revisions," the broker said.

With valuations that MS deems are "punchy" (24x EPS in year one), the broker sees limited upside potential in its coverage scope and considers that investors will have to be selective in their choice of securities.

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