While maintaining its 'buy' recommendation on LVMH, Stifel has lowered its price target from €925 to €800, in the wake of slightly lower revenue and EBIT estimates for 2024-25 and 'more conservative' assumptions for the second half of the year.

The gloomy mood of Chinese consumers is unlikely to change any time soon, and aspirational luxury consumers worldwide are not yet in the mood to store as they usually do", the broker believes.

The risk/reward ratio for longer-term investors nevertheless seems favorable, with Stifel considering in particular that the "long-term fundamental strengths" of the world's number one luxury brand are intact.

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