(Boursier.com) — LVMH lost 1.3% to 723.8 euros at the opening of the Paris market, penalized by a note from JP Morgan. The American bank downgraded the number one luxury brand to ‘neutral’, targeting 790 euros. She speaks of a decline in the luxury super cycle and sees little opportunity to ‘drive out’ the sector in the short term. According to the broker, it is likely that the compartment will become more constructive in the second half of next year. He does not see an increase in profits in the sector and highlights valuation multiples with a premium of 25% compared to historical…
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