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Swatch: UBS reduces its target price

(CercleFinance.com) - Swatch's H1 results were much weaker than expected due to China, UBS says.
The analyst remains neutral on the stock and has lowered his target price for it to 175 CHF (from 192 CHF).

Swatch Group's H1 results showed a significant drop in sales and profits, due to its heavy exposure to China. The CEO expects trends to remain challenging for the remainder of 2024, UBS says.

Group H1 sales amounted to 3,445m CHF, -8% from 3,747m CHF (-3% compared with UBS' forecast of 3,561m CHF), with sales growth excluding currency of -11% (UBS forecast -6%). H1 EBIT of 204m CHF was 59% below the consensus of 497m CHF (-54% versus UBS forecast of 440m CHF), UBS says.


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