LVMH: BofA-Merrill Lynch raises target price

(CercleFinance.com) - LVMH shares are up 1.
2% at 401 euros after BofA Merrill Lynch raised its target price to 455 euros, from 415 euros, while maintaining its "buy" rating on the stock, in a report on Friday.

BofA-ML says Tiffany is a strong brand with "unfulfilled potential."

"We think Tiffany's turnaround plan is convincing but needs strong and fast execution, something which LVMH is an expert at," the US broker writes.

According to BofA-ML, investments need to be made to re-ignite the brand: specifically, LVMH has a proven track record in turning brands around, and will be able to make the required investments in products and stores.

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