EssilorLuxottica is down more than 2%, penalized by a downgrade by RBC Capital Markets from 'sector performer' to 'underperformer' on the Franco-Italian optics group's shares, despite a price target raised from 150 to 155 euros.

While the broker believes that the stock has been a relative winner in 2022, he warns that favorable factors could reverse in 2023, for example that 'low exposure to China could be a drawback' with the theme of reopening.

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