Richemont: Jefferies initiates coverage with 'buy' rating

(CercleFinance.com) - On Monday Jefferies initiated its coverage of Richemont shares with a "buy" rating and a target price of 140 Swiss francs (12-month horizon).


The US broker said it expects the Swiss group to continue to focus on the "hard luxury" segment (upmarket jewellery and luxury watches), with market share gains for its flagship brand Cartier, which the broker values at 88 euros per share.

Jefferies says that the procrastination that currently surrounds the fate of the online sales subsidiary Yoox Net-a-Porter is only a temporary "distraction", which it believes will be resolved in the near future.



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