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
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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