Richemont downgraded to Neutral from Buy at BofA

BofA analyst Ashley Wallace downgraded Richemont to Neutral from Buy with a CHF 140 price target. The analyst continues to believe in the structural appeal of the luxury sector and says the recent share pullbacks “will likely be an opportunity, however patience is required.” While the sector is cheap, there is no obvious catalyst for a re-rating outside positive China macro news, the analyst tells investors in a research note. The firm made seven rating changes in the group.