LVMH: Bernberg raises target price

(CercleFinance.com) - Berenberg announced on Friday that it had raised its price target for LVMH from E695 to E720, while renewing its buy recommendation on the stock.


In a study devoted to European luxury specialists, the broker believes that global economic conditions should continue to determine the sector's performance this year.

In its opinion, disappointing Chinese growth combined with consumer trends in the US, not to mention the stimulus measures in China and the Trump administration's trade policy, are likely to generate volatility.

We believe that the market is overestimating the impact of possible tariffs in the US, unaware that this will be offset by the strength of the dollar, but is underestimating the difficulties faced by China, the analyst adds.

Against this backdrop, Berenberg continues to favor companies gaining market share, such as Brunello Cucinelli, Hermès and LVMH, expecting their valuations to remain high in view of the scarcity of growth-oriented issues within the Old Continent.


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