Richemont Enjoys the 'YOLO Effect' -- Market Talk
15 July 2022 - 5:02PM
Dow Jones News
Richemont's consensus-beating first-quarter sales are testament
to the strength of luxury demand in the wake of the pandemic,
Bernstein analysts say in a note. The Swiss luxury-goods group
posted quarterly sales of EUR5.26 billion, above FactSet-compiled
consensus expectations and despite a major drag from Covid-19
restrictions in China, Bernstein notes. The strong results follow
similarly good prints from Swiss watchmaker Swatch and Italian
luxury cashmere specialist Brunello Cucinelli, the brokerage says.
The "YOLO effect" out of the pandemic is affecting all
nationalities and has yet to normalize, Bernstein suggests, keeping
an outperform rating and a CHF135 target on Richemont stock.
(joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
July 15, 2022 02:47 ET (06:47 GMT)
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