[ad_1]
(CercleFinance.com) – The title ended the day down nearly 3%, penalized by the downgrade from Jefferies.
The analyst firm downgrades its position on Swatch from ‘hold’ to ‘underperform’ with a price target lowered by 29% to 120 Swiss francs, pointing to a ‘turbulent’ return to business for luxury goods, with sector forecasts lowered over the past month.
For its part, the broker is reducing its 2025 EBIT assumptions for the sector to levels more than 5% lower than recently updated estimates (and more than 7% lower than published consensus).
Regarding Swatch more specifically, Jefferies highlights excessive exposure to the mid-range and the Chinese group, as well as projections now 14% below recent consensus.
Copyright © 2024 CercleFinance.com. All rights reserved.
Did you like this article? Share it with your friends using the buttons below.
[ad_2]
Source link -85