Deutsche Bank Downgrades Luxottica Group (LUX) to Hold
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Deutsche Bank downgrades Luxottica Group (NYSE: LUX) from Buy to Hold.
The firm said, "We remain confident about the Group's strategy and the prospects from Oakley integration, and we understand that the latter is proceeding fast, with potential positive surprises. Yet, the world outlook on 2009 has changed and has prompted us to be more cautious on the Group's growth prospects in the US and other mature countries. While we still assume a double-digit earnings growth in 2009, driven by the Oakley synergies, this is below the +25% previously in our estimate. Despite the upside to our TP, valuation relative to the sector is not attractive, and given low earnings visibility we move our rating to Hold."
Luxottica Group S.p.A., together with its subsidiaries, engages in the design, manufacture, and distribution of prescription frames and sunglasses.
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