(CercleFinance.com) – The analyst estimates that the figures for the 1st quarter of 2024 ‘are as expected with little short-term visibility’. He confirms his neutral advice on the value with an unchanged price target of 849 E.
‘Q1 sales are in line with expectations, but no indication of a weaker sales pace could reassure the market in the context of recent share price weakness. We therefore remain neutral,’ indicates the analysis office.
‘The organic growth of the group’s turnover in the first quarter of +3% is in line with expected forecasts (UBSe estimate of +2%), with total turnover reaching 20,694 ME (estimate of ‘UBSe of 20,485 ME). The largest Fashion & Leather Goods division achieved organic growth of +2% to €10,490 million,” underlines UBS.
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