Jefferies sees no improvement for luxury in H2

Reuters

Jefferies sees no improvement for luxury in H2

2024 9월 20 일, 오전 7:19 GMT

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** Jefferies sees no appreciable improvement for the luxury market in the second half of the year after a fragile demand in H1

** The broker says the Q2 weakness and the flattish demand are likely to continue with a slowdown in China, a decrease in travel spend and the uncertainty in the US

** It sees reversion to a shared mean across market share gainers and laggards as a key driver but says valuations are not enough of a support if forecast revisions remain negative

** The broker prefer Hermes HRMS.PA with expecting sales resilience, Compagnie Richemont CFR.S as it has seen consumers rightly adjust to a more negative view on watches and Prada 1913.F with ability to outperform to be confirmed in the weeks ahead, rating them "buy"

** It remains cautious on Swatch UHR.S reflecting its outsized exposure to mid price points and the Chinese cluster and Burberry BRBY.L reflecting the uncertainty stemming from a brand positioning in need of recalibration, downgrading them to "underperform"

COMPANY	RATING	OLD RATING	PT	OLD PT
Hermes	Buy	-	EUR 2,200	EUR 2,470
LVMH	Hold	-	EUR 600	EUR 690
Kering	Hold	-	EUR 230	EUR 300
Burberry	Underperform	Hold	GBp 490	GBp 800
Brunello Cucinelli	Hold	-	EUR 90	EUR 97
Compagnie Richemont	Buy	-	CHF 135	CHF 165
Ferrari	Hold	-	EUR 400	EUR 375
Ferrari	Hold	-	USD 445	USD 403
Moncler	Hold	-	EUR 48	EUR 58
Prada	Buy	-	HKD 60	HKD 67
Swatch Group	Underperform	Hold	CHF 120	CHF 170

Reporting by Mathias de Rozario

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Jefferies sees no improvement for luxury in H2

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