Oddo BHF reaffirms its 'outperform' rating on LVMH, in view of the 12-month upside potential implied by its price target, albeit lowered from 825 to 808 euros to reflect slightly less optimistic earnings forecasts.

The research department considers the previous evening's publication 'reassuring (growth remains decent despite normalization of demand, margins are resilient)', and points to 'a rather comfortable tone from its management on the short-term outlook'.

Oddo BHF believes that the world's number one luxury goods group is 'in a position to recover', and 'confirms its positive view of the investment case (strong brands, careful and precise management of the group)'.

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