Oddo BHF maintains its 'outperform' rating on LVMH shares, with a price target lowered from 857 to 836 euros.

The analyst forecasts "less flattering" future figures, accompanied by "more mixed" investor sentiment. As a result, the brokerage adjusts its annual EBIT guidance by -2%/-3%.

"Nevertheless, the 12-month upside potential suggested by our new OC resulting from our new estimates remains significant on the basis of current share prices", stresses the broker.

Oddo BHF adds: "The stock's investment case rests on two main pillars in the recent period: proven quality of the Group's management and strong growth in sales and earnings in the Fashion and Leather Goods division.


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