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Richemont : Stifel trims target price
(CercleFinance.com) - Stifel maintains its Buy rating on Richemont shares, with a target price lowered from 160 CHF to 158 CHF.
The analyst believes that Richemont remains a "relatively successful" player in a difficult sector, with the 15% decline in business in China offset by the US and Europe.
The Jewelry Houses reassured us with resilient growth of +4% in Q1 2025.
With more favorable comparison bases ahead, we expect growth to improve further in Q2 2025 despite persistent challenges in China in H2 2024, Stifel says.
Nevertheless, sales and margins in the 'Specialist Watchmakers' division are likely to remain under significant pressure in H1 2025, given the group's overexposure to China.
Against this backdrop, the broker reduces its 2025-26E operating profit forecast by around 1%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The analyst believes that Richemont remains a "relatively successful" player in a difficult sector, with the 15% decline in business in China offset by the US and Europe.
The Jewelry Houses reassured us with resilient growth of +4% in Q1 2025.
With more favorable comparison bases ahead, we expect growth to improve further in Q2 2025 despite persistent challenges in China in H2 2024, Stifel says.
Nevertheless, sales and margins in the 'Specialist Watchmakers' division are likely to remain under significant pressure in H1 2025, given the group's overexposure to China.
Against this backdrop, the broker reduces its 2025-26E operating profit forecast by around 1%.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.