LVMH shares hit by weak Q3 sales, dragging down luxury sector
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LVMH stock: When will this earnings downgrade cycle bottom out?
October 17, 2024 11:00 PM EDTLVMH shares may struggle to outperform until key sales trends stabilize and earnings revisions bottom out, according to a recent note from Stifel.
The firm has cut its FY24-25 EBIT forecasts by 4% and 5%, following the companys Q3 2024 sales report, which revealed slowing momentum in its core Fashion & Leather division.
Stifel explained that it has adjusted its price target for LVMH from 720 to 680, reflecting the downward revision of earnings estimates and reduced margin assumptions.
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