Richemont: UBS raises its target price

(CercleFinance.com) - UBS reiterates its buy recommendation on the stock and raises its price target to 163 Swiss francs (from 149 Swiss francs), representing a potential upside of 19%.


' The forthcoming FY24 results are likely to confirm the change in the stock's fortunes, with jewelry continuing to outperform in a broader sector context. The stock remains one of our top picks' says UBS.

' We are raising our estimates following the 'breakthrough' third-quarter results, which proved CFR's less cyclical business model - we expect a further re-rating of the shares ' said UBS.

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