PARIS, Oct 10 (Reuters) - Shares in LVMH climbed on Tuesday to approach record highs, after the world’s biggest luxury goods company reported higher-than-expected revenue growth for the third quarter.
LVMH shares were up 2.4 percent at 237.55 euros in early session trading, near a record high of 239.65 euros reached in May.
The stock was also the top performer on France’s benchmark CAC-40 index, with the CAC slipping 0.2 percent, and its gains pushed up shares in other rival luxury goods companies, with Kering advancing by 1.1 percent.
“While this likely will be read positively across the sector, we think this performance sets LVMH ever more firmly as one of the best performers of the industry,” wrote JP Morgan analysts, keeping an “overweight” rating on LVMH shares.
Deutsche Bank, Citigroup and Goldman Sachs also kept “buy” ratings on LVMH shares. (Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon)