Essilor: Bryan Garnier adjusts target price.
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" recommendation on Essilor, while trimming its fair value from 137 euros to 135 euros in a report on European players in ophthalmic lenses and glasses.
The broker points out that the French group, alongside the Italian players Luxottica and Safilo, is particularly exposed to the dollar, with the US representing 37% of the global eyewear market.
The dollar's weakness has therefore led Bryan Garnier to cut its 2017 estimates by an average of around 1.5% in its sample of stocks.
While Essilor and Luxottica are the most affected by these FX headwinds, the broker maintains its "buy" recommendations on these stocks, because of its optimism regarding their merger.
Copyright (c) 2017 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.
The broker points out that the French group, alongside the Italian players Luxottica and Safilo, is particularly exposed to the dollar, with the US representing 37% of the global eyewear market.
The dollar's weakness has therefore led Bryan Garnier to cut its 2017 estimates by an average of around 1.5% in its sample of stocks.
While Essilor and Luxottica are the most affected by these FX headwinds, the broker maintains its "buy" recommendations on these stocks, because of its optimism regarding their merger.
Copyright (c) 2017 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.