Richemont: Oddo reduces target price

(CercleFinance.com) - Oddo maintains its "neutral" rating on Richemont shares, having reduced its corresponding target price to 140 Swiss francs (vs.
152 Swiss francs previously).

With the group set to publish its Q4 results (period ended in March) on 20 May, Oddo believes that performances should continue to flatter, with demand still growing strongly.

Nevertheless, the analyst says that it is logical to expect performance to slowdown in Asia this quarter as the COVID situation in China is becoming increasingly worrying.

All said, Oddo has marginally reduced its forecasts for the group's sales figures for the latest quarter, although is making no discernible change to its annual sales and EBIT forecasts.

The share is pretty much out of favour in the market today too - down almost 1% in late morning trading in Zurich.



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