Richemont: Oddo raises target price

(CercleFinance.com) - While maintaining its "neutral" rating on Richemont shares, Oddo BHF has raised its target price for them from 134 CHF to 140 CHF (cp: 139 CHF, -2%), due to the evolution of the Swiss franc/euro exchange rate and the moderate increase in its earnings estimates.


However, the broker is not convinced that the Swiss group will be able to keep up with the growth in business and earnings that it sees amongst soft luxury tenors for which it has "outperform" ratings.

It does not appear that the group's overall growth will significantly exceed that of the sector, and it remains to be seen whether the margins of its two main divisions will be able to increase significantly, it continues.


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