Oddo BHF maintains its 'outperform' rating on LVMH shares, with a price target raised from €808 to €835 to reflect more favorable market parameters

Nevertheless, the analyst believes that there are no favorable surprises to be expected from the start of the year in terms of activity. Accordingly, it is maintaining its modest growth forecasts for H1 2024, with Q1 organic growth well below 5% (the forecast has been lowered from +4% to +3%, with Fashion and Leather Goods in particular reporting +2%, compared with +3% previously).

We understand that the Group is taking the necessary steps to keep costs under control at a time when growth has slowed. While we have revised our 2024 sales forecast by -1%, the impact on EBIT is almost imperceptible", says the broker.

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