Richemont: boosted by broker comments

(CercleFinance.com) - Richemont shares are up over 2% today, outperforming the market trend in Zurich, supported by comments from UBS, which reinstated its "buy" recommendation on the stock, while raising its corresponding target price from 159 Swiss francs to 167 Swiss francs for the luxury house's stock.


"Positive earnings momentum (UBSe DD% > cons), low multiple (~15x P/E) and still viable FTCH deal make CFR one of the most exciting stocks in the sector," the broker said, which expects the group to have "a flawless end of the year".



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