UBS has reaffirmed its 'buy' recommendation on Richemont, with a price target reduced from 164 to 160 Swiss francs, a new target that offers 13% upside potential for the Swiss luxury group's shares.

The change in business model has led to an outperformance since the beginning of the year, with additional upside potential", says the broker, who expects resilient performances from the jewelry houses in the first quarter.

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