Richemont: UBS raises target price

(CercleFinance.com) - UBS maintains its buy rating on the Richemont stock, increasing its target price for it to 162 Swiss francs (from 154 Swiss francs).


The broker said that Q3 sales showed strong growth momentum for the group's jewellery house.

It adds that, despite a slight deviation, Q3 2023 results confirmed the continued momentum of Compagnie Financière Richemont's strategy.

Note that Richemont reported Q3 2022-23 sales that are up 8% (+5% at constant exchange rates) at 5.4 billion euros, against the backdrop of a strong comparative basis and disruptions to business in mainland China due to Covid.


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