RICHEMONT : UBS raises its target for Richemont shares
The analyst firm confirms its buy recommendation on the stock and raises its price target to CHF 149 (from CHF 136), which represents a potential upside of 28% from the current price.
' We are raising our estimates following the 'revolutionary' third-quarter results, which proved CFR's less cyclical business model - we expect a further revaluation of the shares' says UBS.
' Group sales for Q3 came in at 5,593 MEUR (+2% on UBSe's estimate of 5,459 MEUR), with organic sales growth of +8% (UBSe's estimate +5%) ' stresses the analyst firm.
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