UBS has upgraded its rating for Cie Financiere Richemont to 'Buy' with a target price set at 144 francs.
This decision comes in light of recent weak results from other luxury brands, which may have led investors to doubt Richemont's ability to meet its growth targets.
Analyst Zuzanna Pusz noted that this upgrade is a positive signal amidst the prevailing market skepticism.
Despite the upgrade, Richemont's net profit fell short of expectations, indicating challenges within the luxury sector.
The current share price stands at 148.40 francs, reflecting a 2.20% increase.
Investors will be closely monitoring the company's performance as it navigates through a competitive landscape.