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EssilorLuxottica: Oddo BHF still a buyer

( - Oddo BHF reinstates its "buy" recommendation on the EssilorLuxottica share, along with its target price of 138 euros, explaining that it is expecting a persistent rerating on the share, which will regain a privileged status over time.

The broker points out that the optical group's message is in line with its expectations, with the three major divisions seeing a clear improvement in the third quarter.

Oddo BHF says that it is trimming its forecasts for the Franco-Italian group, due to FX factors, although now expects a lower decline in Q3 (-3.0%, vs. -4.9% previously).

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