Richemont: Oddo still on hold, raises TP

(CercleFinance.com) - Oddo confirms its "neutral" rating on Richemont shares, while increasing its target price for them to 152 Swiss francs (vs.
142 Swiss francs previously).

The broker points out that Q3 sales came in 12% above its expectations.

Over this quarter, growth over 2 years (cc) reached the stratospheric level of +57% for Maisons Joaillères (it was +39% in Q2) and rose to +20% for the Specialised Watchmaking division, the analyst points out.

As a result, the broker is raising its forecast for Q4 by nearly 10%, resulting in a 6% increase in annual sales to March 2022.

However, Oddo says that the average 10-year growth rate remains unchanged at 6.4% and that the share has not escaped the macro problems that have tended to weigh on the entire luxury sector on the stockmarket of late.



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