Interparfums gained more than 5% in Paris, as Oddo announced it was maintaining its neutral recommendation on the stock, with a price target raised from 62 to 66 euros.

The research firm highlighted Interparfums' 2022 results as 'ahead of expectations and pointing to higher future margins'.

Operating profit and net income are 6% and 12% higher than consensus expectations: e132m and e99.5m respectively, compared with expectations of e124.2m and e88.9m. In addition, management is guiding sales for 2023 at around e750m (CS: e760m)

In addition, Interparfums announces that it has just signed an agreement with Montblanc extending the license period by a further 5 years, i.e. from 12/31/2025 to 12/31/2030.

In this context, Oddo is raising its sales assumptions to e761m (vs. e756m) for 2023, and its OIR 23e from e131m (CS: e131m) to e159m.

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