UBS reiterates its 'buy' recommendation on Richemont, with an adjusted target price of CHF 163 to CHF 164, a new target with 13% upside potential for the stock of the Swiss luxury group, owner of Cartier and Van Cleef & Arpels.

Last week's results for the 2023-24 financial year confirmed the benefits of the changes made to Richemont's business model in recent years, which have made it a much less cyclical company than before', the broker points out.

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