STOCKS NEWS EUROPE-Broker upgrades lift Richemont to record high
Shares in Richemont rise to a record-high of 67.20 Swiss francs after four brokers confirm their 'buy' ratings on the luxury goods group and raise their target prices.
Analysts at Kepler, Helvea, Nomura and Vontobel all lift their target prices for Richemont shares, which advance 2.4 percent, compared to a 0.6 percent firmer European luxury goods index
The world's largest watchmaker Swatch gains 1.8 percent after its Chief Executive Nick Hayek was quoted as saying the group could still surpass last year's sales record of 7 billion Swiss francs.
"We are still fighting to achieve a turnover of 8 billion francs. This is still possible," Hayek says.
Kepler analyst Jon Cox says Hayek's comments that China is still growing are also reassuring for the group.
"Swatch Group has more exposure to greater China than any other European big cap and we believe it will benefit from the leadership transition, which should help confidence," Cox, who has a 'buy' rating on the stock, says.
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