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.


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.