Swatch: Oddo BHF remains negative after results
(CercleFinance.com) - Oddo BHF maintains its 'underperform' rating on Swatch Groupshares, trimming its target price for them from 146 CHF to 144 CHF (cp: 169.
8 CHF, +1.7%), saying that it remains very cautious regarding the stock after the watchmaker's annual results.
The broker points to a very poor H2, with no improvement in sales, as well as an even more pronounced decline in margins (below 5% for the year), a decline that is exacerbated by losses in production activity and the cost of the Olympic Games.
While mentioning favourable signals in certain zones in December, Oddo BHF also notes that the tone in China remains cautious for 2025. The readjustment of margin assumptions leads to an average decline of nearly 20% on EBIT 2025 and 2026, it warns.
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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.
8 CHF, +1.7%), saying that it remains very cautious regarding the stock after the watchmaker's annual results.
The broker points to a very poor H2, with no improvement in sales, as well as an even more pronounced decline in margins (below 5% for the year), a decline that is exacerbated by losses in production activity and the cost of the Olympic Games.
While mentioning favourable signals in certain zones in December, Oddo BHF also notes that the tone in China remains cautious for 2025. The readjustment of margin assumptions leads to an average decline of nearly 20% on EBIT 2025 and 2026, it warns.
Copyright (c) 2025 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.