Richemont: Barclays raises target price

(CercleFinance.com) - Barclays reinstates its "overweight" recommendation on Richemont shares and has raised its target price for them from 155 Swiss francs to 165 Swiss francs, after the group's "strong Q3 trading update provided some much needed oxygen for the luxury space".


"Although Richemont only gave limited comments on current trading, the organic growth beat (+32% vs consensus at 19%) seems to indicate that demand for luxury is stronger than the market thinks", the broker says.

With outperformance driven by the profitable jewellery segment and the retail channel, Barclays says it sees scope for further operating leverage in H2 2022.


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