LVMH: buoyed by Q1 sales

(CercleFinance.com) - LVMH climbs 5% to lead the CAC40 index in Paris, following a quarterly sales update that Oddo BHF deems 'rather reassuring, even if growth in the fashion and leather goods division is confirmed to be a little sluggish at this stage'.


The research house notes that while organic sales growth slowed to 3% in the first quarter of 2024, this slowdown had been anticipated, and that sales, at ?20.7 billion, came in ahead of a consensus of around ?21 billion.

Oddo BHF has reiterated its 'outperform' rating on LVMH after this publication, with a price target raised from 835 to 857 euros, pointing to a widening of its valuation discount to the sector at the start of the year.

Copyright (c) 2024 CercleFinance.com. All rights reserved.