Stifel confirms its Buy rating on Richemont shares, with a price target raised from 139 to 144 Swiss francs (CHF).

With results for fiscal year 2024 due on May 17, Stifel is adjusting its assumptions and expecting 'slightly higher' sales (driven by the Jewelry Houses)' to offset lower margins.

The analyst indicates that these assumptions translate into negligible changes in EBIT forecasts for fiscal 2024-25.

Stifel expects growth to accelerate thereafter in FY25 as comparatives become more favorable. "The momentum of the Van Cleef brand and growth in spending by Chinese tourists should be the main bright spots for the group at the start of FY25," says the broker.


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