LVMH: Oddo BHF still a buyer, trims TP after Q3 results
(CercleFinance.com) - While maintaining its "outperform" rating on LVMH, Oddo BHF has reduced its target price for the LVMH share from E841 to E831, after slightly reducing its forecasts following the luxury giant's quarterly trading update.
While acknowledging a slowdown in growth in Q3, which reached +9% in organic terms, the broker considers the disappointment to be limited, excluding FX factors Cognac destocking, which it believes represent most of the shortfall from expectations.
Oddo BHF has reduced its 2023-25 EBIT estimates by around 2%, although says that LVMH still appears to be in a position to achieve EBIT growth of close to +10% p.a. over the medium term, which will probably be above the sector average.
Copyright (c) 2023 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.
While acknowledging a slowdown in growth in Q3, which reached +9% in organic terms, the broker considers the disappointment to be limited, excluding FX factors Cognac destocking, which it believes represent most of the shortfall from expectations.
Oddo BHF has reduced its 2023-25 EBIT estimates by around 2%, although says that LVMH still appears to be in a position to achieve EBIT growth of close to +10% p.a. over the medium term, which will probably be above the sector average.
Copyright (c) 2023 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.