Oddo BHF has reaffirmed its 'outperform' rating on EssilorLuxottica, with a price target raised from 196 to 204 euros, on the heels of annual results marked by healthy growth and 'firm promises on the 2024 margin'.

While it considers that the optics giant's publication "doesn't really come as a surprise", the research department points out that "North America accelerated in the fourth quarter to +5.9%, a clearly encouraging point for the first half of 2024".

Profitability did not improve in 2023, but the Group is reiterating its 2026 target and is aiming for a more significant improvement in 2024', continues Oddo BHF, which is adjusting its growth forecast for this year slightly upwards.

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