LVMH: Invest Securities confirms rating

(CercleFinance.com) - This morning Invest Securities confirms its neutral rating on the LVMH share, while deciding to place its target price under review (this has been 395 euros up until now).


The broker says that after Kering, it is LVMH's turn, but with even more restraint and caution, to give an initial assessment of the risks incurred by an unprecedented change in its operating conditions, it says.

LVMH expects to see its Q1 sales fall by between -10% and -20%. It also says that it is the entire value chain that is affected by the management of the epidemiological crisis, which will impact its results, without providing any further details, as it is impossible to judge when things will get back to normal, the broker adds.

In our opinion, the damage has already been done in that the drop in H1 results, with a significanly worse Q2, cannot be compensated throughout the year, with an expected double-digit decline in net attributable income - even after the integration of Tiffany, analysts say.


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