Richemont: UBS raises target price

(CercleFinance.com) - UBS believes that concerns have been laid to rest in Q3 and that it is not yet too late to buy the stock.


The broker confirms its buy rating on the stock, raising its target price for it to 149 CHF (from 136 CHF), which represents 28% upside potential from the current price.

"We increase our estimates on the back of "game changing" Q3 results, which have proven CFR's less cyclical business model - we expect further re-rating of shares", UBS says.

Group Q3 sales came in at E5,593m (+2% on UBS' estimate of E5,459m), with organic sales growth of +8% (UBS estimate +5%), it adds.


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