Barclays has reaffirmed its 'overweight' recommendation on Richemont, with its price target raised from 162 to 169 Swiss francs, ahead of the publication of the Swiss luxury group's annual results, scheduled for May 17.

In its summary note, the broker forecasts growth of 3% in the fourth quarter and an operating margin (EBIT) of 30.7% in the second half for the jewelry division.

For the Group as a whole, Barclays expects fourth-quarter sales growth of +1% at constant exchange rates, against a difficult basis for comparison.

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