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LVMH: Invest Securities remains 'neutral', but raises TP

( - Invest Securities is maintaining its "neutral" rating on the LVMH share, although has increased its corresponding target price from 395 euros to 478 euros, acknowledging that it has minimised the return of Chinese growth to a level that is reminiscent of the post-financial crisis boost.

That said, the analyst points out however that even at 50% instantaneous organic growth, it is difficult to identify what will be the normalised growth of the Chinese market, while the sector's overall results remain very contrasted.

The market is focusing on this immediate momentum, believing that the unprecedented crisis that the sector is experiencing will only be shortlived. This is without even considering the risk of an operational leverage that cannot be rebuilt to 2019 levels, he continues.

The LVMH share is up slightly on Monday morning, although is still slightly underperforming the market in Paris.

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