UBS downgraded LVMH to Neutral from Buy with a price target of EUR 770, down from EUR 829.40. Following multi-year market share gains the analyst expects a “pause in outperformance.” In the current overall “less certain” luxury sector context and after multiple years of outperformance versus peers, the firm believes LVMH’s market share gains may need to pause for a consolidation phase. It says the stock is at its fair value.
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