Oddo BHF has reaffirmed its 'outperform' rating on Richemont, with a price target raised from 135 to 142 Swiss francs, to reflect not only slightly more favorable market parameters, but also the evolution of the Swiss currency against the euro.

While it remains 'cautious about the luxury goods sector as a whole', the research department believes that the strength of the Swiss group's position in jewelry 'is no longer in question', pointing to the growth of the Cartier Van Cleef group in recent years.

We believe that its performance with the Chinese cluster has been very good in recent quarters, and the brand also has a strong foothold with local customers in Europe and the USA, who are among the most affluent and therefore the most resilient", he continues.

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