LVMH Earnings Show Slower Growth than Bulls Expected
Dow Jones07-28
0936 GMT - LVMH's first-half results reinforce the view that the worst is behind the company, though the pace of improvement is slower than bulls expected, UBS analysts say. Revenue in the French group's fashion and leather goods division grew 1%, below the analysts' 3% estimate. The luxury powerhouse's second-quarter earnings are "unlikely to settle the debate over whether LVMH can return to healthier mid-single-digit sales growth," they say. Though sales and profits beat consensus expectations, the analysts lower their price target for the stock from 650 euros to 645 euros due to broader weakness in the luxuries sector. LVMH shares turn negative after jumping over 2% at the open, falling 1.3% to 460.90 euros.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments