Interparfums: Oddo BHF lowers its target price

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Interparfums shares, with a price target reduced from 54 to 43.
5 euros.

In particular, the broker takes into account the one-for-10 share allocation on June 28, as well as updated comparables and long-term margin assumptions (+25bp/year after 2027 vs. +30bp/year).

Q2 sales nevertheless came in at 209.9 ME, i.e. +15.7% and +14%e cc, with growth driven mainly by J.Choo and Lacoste.

At the end of June, growth therefore stood at 6.7% (422.6 ME). The sales guidance is maintained (from ME880 to ME900), but management has yet to give details of its ROC 2024 target.

The analyst believes that Interparfums' ability to raise guidance (historically, nearly 2 hikes per year) appears 'intact for the time being', and adds that the share should react rather well, notably because it is trading 30% cheaper (10-year multiples).


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