LVMH: Oddo still a buyer despite cutting TP

(CercleFinance.com) - Oddo BHF has reiterated its "outperform" rating on LVMH share, while adjusting its target price for them from 787 euros to 741 euros, due to a rise in its beta coefficient, although this has been partly offset by an increase in its ST estimates for the luxury giant.


While the broker acknowledges a little more caution in the near term, given unchanged macroeconomic uncertainties, it believes that the relative case for LVMH remains favourable, above all based on the performance of its fashion and leather goods brands.

The recovery in cognac volumes, Tiffany's repositioning efforts (which seem to be bearing fruit), and the continued catching up in selective distribution are also good supporting factors, the analyst adds.

The share is currently up a timid 0.2%, just behind the market.


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