Invest Securities has raised its target price for LVMH from €635 to €730, the day after the world's leading luxury goods group published its annual results, but has reiterated its 'neutral' stance on the stock.

"LVMH may be an exceptional group, but in our opinion it will be difficult to avoid a return to normal growth in the context of a slowdown in the global economy", warns the analyst.

This normalization is nothing to worry about for an increasingly dominant leader. There remains the question of valuation and its sensitivity to the interest-rate factor, as well as to floating capital arbitrage, for which LVMH's representativeness makes it a preferred vehicle", he adds.

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