Richemont: shares drop after analyst downgrade
(CercleFinance.com) - Richemont shares dropped almost 5% on Wednesday after an analyst downgraded the Swiss luxury group's share and cut his target price.
UBS cited "slowing momentum" for Cartier, saying the that the jewellery brand's weakness is "not priced in."
The broker has therefore downgraded Richemont shares from "neutral" to "sell" and has also cut its target price from 71 Swiss francs to 68 Swiss francs, meaning 14% downside potential.
The Zurich-listed stock is currently down 4.9% at 75.1 Swiss francs.
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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.
UBS cited "slowing momentum" for Cartier, saying the that the jewellery brand's weakness is "not priced in."
The broker has therefore downgraded Richemont shares from "neutral" to "sell" and has also cut its target price from 71 Swiss francs to 68 Swiss francs, meaning 14% downside potential.
The Zurich-listed stock is currently down 4.9% at 75.1 Swiss francs.
Copyright (c) 2019 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.