(CercleFinance.com) – Oddo BHF reaffirms its “underperforming” opinion on Swatch with a price target lowered from 286 to 265 Swiss francs, explaining that despite “rather honourable” half-year results, it does not share the optimism of the company for the remainder of 2022.
The design office persists in thinking, beyond a threatening short-term situation, that the group is not in a position to grow beyond 5% per year in steady state (and normalized inflation), which seems assured to him for the luxury sector as a whole.
Given the more uncertain macroeconomic environment, Oddo takes into account a higher beta coefficient in its target price, the potential performance of which appears to be significantly lower than those expected for most other stocks in the sector.
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