UBS has downgraded EssilorLuxottica to Neutral from Buy, citing near-term risks despite a positive outlook, including potential US tariffs and changing consumer spending. The stock has risen 27% in 2024, outperforming its index, with a price-to-earnings ratio of 29 times FY25 earnings.UBS anticipates a 6.3% growth in 2025, driven by M&A and innovation, with regional growth projections of 5.2% in North America and 10.0% in APAC. Risks include US tariffs, FDA approval delays, and foreign exchange fluctuations, with a price target set at €248, indicating a 9% upside.