Morgan Stanley analyst Edouard Aubin downgraded LVMH to Equal Weight from Overweight with a price target of EUR 790, down from EUR 860. The analyst expects the shares to move sideways in the coming months given likely further industry-wide deterioration in overall demand in Q4, as well as a likely difficult start to 2024 for LVMH given a difficult compare base and an increasing risk profile for both industry and group due to higher dependence on Chinese nationals.
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