Oddo BHF reiterates its 'outperform' rating on LVMH, a 'top pick' stock for 2023, and raises its target price from 722 to 817 euros, judging the stock 'capable of delivering a double-digit 12-month performance based on current prices'.

The relative investment case for the luxury leader seems stronger at this stage", says the analyst, who points to the momentum of its flagship soft luxury brands, the quality of its management and the prospect of a resurgence in Chinese tourism.

Oddo adds that, in addition to the positive effect associated with the change of reference year, the upgrade of its OC reflects the increase in its growth forecasts for 2024 and subsequent years due to the return of Chinese tourism.

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