French Analyst Ratings: Berenberg cuts price targets on LVMH, Hermès and Kering
Berenberg is adopting a cautious stance on the luxury sector, questioning its ability 'to return to historical growth rates of 6% to 7% per year' and expressing a preference for 'absolute luxury' over 'aspirational luxury' brands.
Alstom: Deutsche Bank maintains a Hold rating with a price target lowered from EUR 20 to EUR 19.
Edenred: Jefferies maintains a Hold rating with a price target raised from EUR 22.20 to EUR 22.40.
Euronext: Citi maintains its Neutral recommendation and raises the price target from EUR 153 to EUR 155. Citi remains at Hold with a price target raised from EUR 153 to EUR 155. Rothschild & Co Redburn maintains its Neutral recommendation and raises the price target from EUR 148 to EUR 151.
Hermès: Berenberg remains at Buy with a price target reduced from EUR 2,600 to EUR 1,850.
Kering: Berenberg remains at Sell with a price target reduced from EUR 190 to EUR 175.
LVMH: Berenberg remains at Hold with a price target reduced from EUR 560 to EUR 420.
Voltalia: Morgan Stanley downgrades from Equal-weight to Underweight with a price target lowered from EUR 8 to EUR 7.
LVMH Moët Hennessy Louis Vuitton SE is the world leader in luxury products. Net sales break down by family of products as follows:
- fashion and leather items (46.7%): brands such as Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, etc.;
- watches and jewels (13%): Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred brands, Tiffany, etc.;
- perfumes and cosmetics products (10.1%): perfumes (Christian Dior, Guerlain, Loewe, Kenzo, Givenchy brands, etc.), makeup products (Make Up For Ever, Guerlain, Acqua di Parma, etc.), etc.;
- wines and spirits (6.6%): champagnes (Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d'Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes brands, etc.; No. 1 worldwide), wines (Cape Mentelle, Château D'Yquem, etc.), cognacs (mainly Hennessy; No. 1 worldwide), whisky (mainly Glenmorangie), etc.;
The remaining net sales (23.6%) are from selective distribution through the Sephora, DFS, Miami Cruiseline chains and Le Bon Marché and La Samaritaine department stores.
At the end of 2025, products are marketed via a network of 6,283 outlets located throughout the world.
Net sales are distributed geographically as follows: France (8.3%), Europe (18%), Japan (7.9%), Asia (26.5%), the United States (25.6%) and other (13.7%).
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