LVMH: Oddo raises target price
(CercleFinance.com) - Oddo maintains its "outperform" rating on LVMH shares, increasing its target price for them from E861 to E881.
The broker reports that LVMH sees clear signs of recovery in China, with a more visible acceleration from the end of March with a comparison basis that will become very favourable.
Moreover, Chinese tourism is clearly contributing: this is already visible in Hong Kong and Macau and to a lesser extent in the rest of Asia, Oddo says.
In this context, the analyst has raised his forecasts, despite slightly more unfavourable exchange rates: +1% for 2023e and 2024e EBIT, followed by +2% for 2025e EBIT.
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