EssilorLuxottica: Morgan Stanley remains on 'equal weight'

(CercleFinance.com) - Morgan Stanley reaffirms its 'equal weight' recommendation and its target price of 111 euros for EssilorLuxottica after the Franco-Italian group confirmed talks to acquire optical distributor GrandVision.


The brokers see a very clear long-term strategic rationale for this proposed transaction but do not see significant accretion on EPS (at least initially), and point out several question marks over the potential integration.

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