Deutsche Bank Upgrades Luxottica Group (LUX) to Buy
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Deutsche Bank upgraded Luxottica Group (NYSE: LUX) from Hold to Buy. Analyst Francesca DiPasquantonio said risk-reward has become more favorable.
"Luxottica de-rated by 35% in the LTM due to well-known concerns on management governance and the downgrade of FY16 guidance. At 22x PER, the shares are at a 15% discount to peers. However, structural growth opportunities are similar and Luxottica’s global platform allows scope for outperformance. In addition, a rich balance sheet and strong cash-flow generation enable external growth. The opportunity for expanding its global reach through acquisitions is not discounted in the price. Similarly, the market is not recognizing the company’s market leadership and ROCE," said the analyst.
Shares of Luxottica Group closed at $48.07 yesterday.
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