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LVMH: Stifel cuts target price

( - Stifel maintains its "buy" rating on LVMH shares, although has reduced its target price for them from E950 to E850, which it says is based on a lower target P/E multiple, reflecting decelerating growth expectations in 2024 and rising bond yields.

The broker expects organic growth for the luxury group and its fashion and leather goods division to normalise at +10% in Q3 2023, and assumes a more cautious +7% for 2024.

However, Stifel remains positive on LVMH, "given the resilience of its Fashion & Leather division, a diversified portfolio with relative defensive characteristics (e.g. beauty exposure) and substantial stock de-rating since mid-July".

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