Oddo BHF reiterates its "outperform" rating on Richemont shares with a target price reduced from 185 to 171 Swiss francs, following a 7% reduction in its EBIT forecasts for fiscal years 2026 and 2027, and a 5% reduction for fiscal year 2028.

According to the broker, the Swiss luxury group cannot be completely immune to the slowdown affecting the luxury market as a result of a global economic environment that has become anxiety-provoking.

However, the analyst believes that 'the strength of its jewelry brands should enable it to remain in a more favorable position than average at this stage, adding that demand for jewelry remains buoyed by the bullish cycle for gold.


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