UBS reiterates its 'buy' recommendation on Richemont, while adjusting its price target from 160 to 158 Swiss francs, a target that still holds 14% upside potential for the stock, the day after the Swiss luxury group's business update.

A solid first quarter, with jewelry outperforming the market, confirms the structural attractiveness of the category in the current context", says the broker, adding that "the share remains cheap on a cash-adjusted P/E ratio of 18 times".

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