LVMH: Credit Suisse downgrades price target

(CercleFinance.com) - Credit Suisse confirms its 'outperform' rating on LVMH, but cuts the target price from 730 to 700 euros, ahead of the third quarter report of the world's leading luxury brand, anticipated mid-October.


For this period, it increases its organic growth expectations in fashion and leather goods from 15 to 21%, but lowers its expectations in wines & spirits and selective retailing. It also leaves the organic sales forecasts for the group unchanged.

The broker maintains LVMH's sales forecasts for its 2021 to 2023 financial years broadly unchanged, but raises its operating profit forecasts by 2% on average to reflect resilient margins in fashion and leather goods.

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