LVMH: Oddo BHF remains positive, but cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on LVMH shares, with a target price lowered from E730 to E698 to reflect its new earnings estimates, following quarterly sales that are 4% below expectations, with the fashion and leather goods division at -5% in organic terms.


While group top management remains unchanged, a new LVMH is being built, which may be perceived as an additional source of uncertainty in the current economic climate, the analyst says, who nevertheless considered such a view "exaggerated".

Oddo BHF explains that it is still confident in the retained strength of the group's major brands (Louis Vuitton in the first place), which should, in its view, enable it to continue to perform well through the cycles.


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