Stifel reiterates its ‘buy’ recommendation on Richemont and increases its price target from 144 to 152 Swiss francs, as part of a more general note on the prospects for European luxury stocks in 2025.
Estimating that the second half of 2024 would mark the trough of the sector in the current downward cycle, the broker hopes for a sequential improvement in sales in the first half of 2025, thanks to ‘green shoots’ in the United States and recovery measures in China.
Stifel therefore raises its vision of the sector from ‘cautious’ to ‘neutral’ for the year ahead, before an expected return to organic growth of +7% in the second half of 2025, and cites Richemont among its preferred luxury stocks in view of of sales growth.
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