EssilorLuxottica: Jefferies upgrades to buy

(CercleFinance.com) - Jefferies said on Tuesday that it had upgraded EssilorLuxottica shares from "hold" to "buy", with a target price raised from E195 to E310, now showing 15% upside potential.


In a research note, the broker praises the group for "structurally" gaining market share in a constantly growing optical sector, as well as being an innovative company in areas such as medical devices, with Stellest, digital technology through the partnership between Ray-Ban Meta and hearing aids, with Nuance.

Thanks to its new products and solid positioning in the US, Jefferies believes that the group will see an acceleration in its results in the near future.

Given Meta's ambitions in accessories, the US broker also raises the possibility of closer collaboration with the US technology giant, or even a possible equity investment.

Whatever the case, EssilorLuxottica merits trading on a higher valuation multiple, the broker summarises.


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