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Luxottica: Bryan Garnier cuts target price.

(CercleFinance.com) - Bryan Garnier maintains its "buy" recommendations on Essilor and Luxottica, although has reduced its fair values for the shares from 135 euros to 130 euros for the French ophthalmic lens maker and from 62 euros to 60 euros for the Italian glasses frame manufacturer.

"Needless to say that EI and LUX continue to face particularly unsupportive newsflow, as both groups were affected by the natural disasters that hit the US and Mexico during September,” the broker says.

"This new issue comes on top of the weaker USD and question marks over the final outcome of the EssilorLuxottica combination project which have been negatively impacting the two stocks", Bryan Garnier continues in its report.

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