BUZZ-BofA says 'hold your horses' on luxury sector citing high multiples

Reuters

01/16

BUZZ-BofA says 'hold your horses' on luxury sector citing high multiples

** Bank of America tells investors to "hold your horses" on the luxury sector, citing high valuations after recent rally

** Says sector trades at 28x P/E, above historical average of 20x to 25x; needs EPS upgrades for further gains

** Upgrades UK-based watch retailer Watches of Switzerland Group WOSG.L to "buy" from "neutral", citing high exposure to fast-growing US market

** Downgrades Swiss luxury goods group Richemont CFR.S to "neutral" from "buy", arguing that its positive transformation story is now priced in and "limits share price upside from here"

** Cuts Italian fashion houses Brunello Cucinelli BCU.MI and Zegna ZGN.N to "neutral" from "buy"

** European luxury sector down as of 12:58 GMT, with LVMH LVMH.PA, Kering PRTP.PA, Richemont and Brunello Cucinel losing between 2.2% and 4.5%

COMPANY	NEW RATING	OLD RATING	PT	OLD PT
WOSG	buy	neutral	GBP 550	GBP 480
Richemont	neutral	buy	CHF 190	CHF 190
Zegna	neutral	buy	USD 11	USD 12
Brunello Cucinelli	neutral	buy	EUR 100	EUR 115
Hermès	buy	buy	EUR 2650	EUR 2700
LVMH	buy	buy	EUR 750	EUR 675
Prada	neutral	neutral	HKD 49	HKD 51
Moncler	neutral	neutral	EUR 55	EUR 55
Kering	neutral	neutral	EUR 350	EUR 350
Pandora	underperform	underperform	DKK 510	DKK 510
Burberry	underperform	underperform	GBP 960	GBP 920
Ferragamo	underperform	underperform	EUR 6	EUR 5
Swatch Group	underperform	underperform	CHF 150	CHF 135
Hugo Boss	underperform	underperform	EUR 34	EUR 38

(Reporting by Laura Contemori, Dimitri Rhodes, Simon Ferdinand Eibach)

((Laura.contemori@thomsonreuters.com))

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xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-BofA says 'hold your horses' on luxury sector citing high multiples</title></head><body><p>** Bank of America tells investors to \"hold your horses\" on the luxury sector, citing high valuations after recent rally</p><p>** Says sector trades at 28x P/E, above historical average of 20x to 25x; needs EPS upgrades for further gains</p><p>** Upgrades UK-based watch retailer <a href=\"https://laohu8.com/S/WOSGF\">Watches of Switzerland</a> Group <span>WOSG.L</span> to \"buy\" from \"neutral\", citing high exposure to fast-growing US market</p><p>** Downgrades Swiss luxury goods group Richemont <span>CFR.S</span> to \"neutral\" from \"buy\", arguing that its positive transformation story is now priced in and \"limits share price upside from here\"</p><p>** Cuts Italian fashion houses Brunello Cucinelli <span>BCU.MI</span> and Zegna <span>ZGN.N</span> to \"neutral\" from \"buy\"</p><p>** European luxury sector down as of 12:58 GMT, with LVMH <span>LVMH.PA</span>, Kering <span>PRTP.PA</span>, Richemont and Brunello Cucinel losing between 2.2% and 4.5%</p><table><tbody><tr><td><p>COMPANY</p></td><td><p>NEW RATING</p></td><td><p>OLD RATING</p></td><td><p>PT</p></td><td><p>OLD PT</p></td></tr><tr><td><p>WOSG</p></td><td><p>buy</p></td><td><p>neutral</p></td><td><p>GBP 550</p></td><td><p>GBP 480</p></td></tr><tr><td><p>Richemont</p></td><td><p>neutral</p></td><td><p>buy</p></td><td><p>CHF 190</p></td><td><p>CHF 190</p></td></tr><tr><td><p>Zegna</p></td><td><p>neutral</p></td><td><p>buy</p></td><td><p>USD 11</p></td><td><p>USD 12</p></td></tr><tr><td><p>Brunello Cucinelli</p></td><td><p>neutral</p></td><td><p>buy</p></td><td><p>EUR 100</p></td><td><p>EUR 115</p></td></tr><tr><td><p>Hermès </p></td><td><p>buy</p></td><td><p>buy</p></td><td><p>EUR 2650</p></td><td><p>EUR 2700</p></td></tr><tr><td><p>LVMH</p></td><td><p>buy</p></td><td><p>buy</p></td><td><p>EUR 750</p></td><td><p>EUR 675</p></td></tr><tr><td><p>Prada</p></td><td><p>neutral</p></td><td><p>neutral</p></td><td><p>HKD 49</p></td><td><p>HKD 51</p></td></tr><tr><td><p>Moncler</p></td><td><p>neutral</p></td><td><p>neutral</p></td><td><p>EUR 55</p></td><td><p>EUR 55</p></td></tr><tr><td><p>Kering</p></td><td><p>neutral</p></td><td><p>neutral</p></td><td><p>EUR 350</p></td><td><p>EUR 350</p></td></tr><tr><td><p>Pandora</p></td><td><p>underperform</p></td><td><p>underperform</p></td><td><p>DKK 510</p></td><td><p>DKK 510</p></td></tr><tr><td><p>Burberry </p></td><td><p>underperform</p></td><td><p>underperform</p></td><td><p>GBP 960</p></td><td><p>GBP 920</p></td></tr><tr><td><p>Ferragamo</p></td><td><p>underperform</p></td><td><p>underperform</p></td><td><p>EUR 6</p></td><td><p>EUR 5</p></td></tr><tr><td><p>Swatch Group</p></td><td><p>underperform</p></td><td><p>underperform</p></td><td><p>CHF 150</p></td><td><p>CHF 135</p></td></tr><tr><td><p>Hugo Boss</p></td><td><p>underperform</p></td><td><p>underperform</p></td><td><p>EUR 34</p></td><td><p>EUR 38</p></td></tr></tbody></table><p>(Reporting by Laura Contemori, Dimitri Rhodes, Simon Ferdinand Eibach)</p><p>((Laura.contemori@thomsonreuters.com))</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4111","symbol_name":"出版","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260116:nL8N3YH0OF:1","article_id":"2603993590","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2603993590","pubTimestamp":1768565451,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and 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\"buy\", arguing that its positive transformation story is now priced in and \"limits share price upside from here\"** Cuts Italian fashion houses Brunello Cucinelli BCU.MI and Zegna ZGN.N to \"neutral\" from \"buy\"** European luxury sector down as of 12:58 GMT, with LVMH LVMH.PA, Kering PRTP.PA, Richemont and Brunello Cucinel losing between 2.2% and 4.5%COMPANYNEW RATINGOLD RATINGPTOLD PTWOSGbuyneutralGBP 550GBP 480RichemontneutralbuyCHF 190CHF 190ZegnaneutralbuyUSD 11USD 12Brunello CucinellineutralbuyEUR 100EUR 115Hermès buybuyEUR 2650EUR 2700LVMHbuybuyEUR 750EUR 675PradaneutralneutralHKD 49HKD 51MonclerneutralneutralEUR 55EUR 55KeringneutralneutralEUR 350EUR 350PandoraunderperformunderperformDKK 510DKK 510Burberry underperformunderperformGBP 960GBP 920FerragamounderperformunderperformEUR 6EUR 5Swatch GroupunderperformunderperformCHF 150CHF 135Hugo BossunderperformunderperformEUR 34EUR 38(Reporting by Laura Contemori, Dimitri Rhodes, Simon Ferdinand 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