0954 GMT - LVMH's results limit visibility on the timing and strength of a recovery, AlphaValue's Jie Zhang writes in a note. The French luxury-goods conglomerate reported third-quarter sales of 18.50 billion euros. That was up 1% from the same period last year but slowing from the 3% increase the company booked over the second quarter. A sustained rerating of the shares will require clearer evidence of stabilizing demand in China, renewed momentum at Louis Vuitton, and improving margin visibility, the analyst says. "We remain constructive on the longer term value of LVMH's portfolio, while taking a more cautious view of the timing and pace of recovery," she says. The current share price remains highly attractive, Zhang adds. Shares are up 1.6% at 395.80 euros.
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