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EssilorLuxottica: stock up as RBC sees opportunities

(CercleFinance.com) - On Wednesday morning, EssilorLuxottica was one of the biggest risers on the CAC 40 index, following RBC comments in which the Canadian broker explained that it saw opportunities in the ophthalmology market for the world's number-one optical eyewear and lens manufacturer.


At 9.50am, the share price was up 1.2%, making it the fourth biggest riser on the Paris blue-chip index, which was down almost 0.5%.

In its morning comments, RBC said that the ophthalmology market, excluding pharmaceuticals, could represent a growth opportunity for the Group, with its size estimated at some $36bn.

The broker explains that it expects annual growth of 3% to 5% for the sector, driven by structural factors such as the aging of the population.

RBC, which points out that EssilorLuxottica currently has little presence in this market, believes that the group could have a role to play in segments such as contact lenses, surgical devices and diagnostic tools.

More generally, the professional praises the 'solid fundamentals' displayed by the manufacturer of the famous Ray-Ban eyewear.

Its stockmarket valuation is high, but its long-term growth prospects are attractive, thanks to its multiple product initiatives (Meta, Stellest, Nuance) which complement its core optical activities, it summarises.

As a result, RBC has raised its opinion on the stock from 'performance in line with the sector' to 'outperform', with a target price raised from E220 to E290.


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