LVMH Moet Hennessy Louis Vuitton SE (MC:FP) (LVMUY) PT Lowered to EUR845 at HSBC, 'right call to continue to exercise caution'The analyst commented: "Trim estimates and TP; remain on the sidelines: While we have downgraded many names and, notably, LVMH, over the past month, stock prices in our luxury coverage have kept going up; however, we still think it is the right call not to add at present and continue to exercise caution. It is not that c27x 2024e PE is high; it is more that for shares to go higher still, we think upgrades are needed and that these are unlikely to materialize soon, especially knowing that the basis of comparison is even tougher in Q2 for Fashion Leather. We understand investors are struggling to find better ideas in Europe. We also believe more funds that were invested in Asia are looking to diversify following the market rout there. In this report, we are slightly trimming estimates and our TP to EUR845 (from EUR860) on what we believe is a slightly tougher selling environment for luxury brands."