LVMH climbs 5% to lead the CAC40 index in Paris, following a quarterly sales update that Oddo BHF deems 'rather reassuring, even if growth in the fashion and leather goods division is confirmed to be a little sluggish at this stage'.

The research house notes that while organic sales growth slowed to 3% in the first quarter of 2024, this slowdown had been anticipated, and that sales, at €20.7 billion, came in ahead of a consensus of around €21 billion.

Oddo BHF has reiterated its 'outperform' rating on LVMH after this publication, with a price target raised from 835 to 857 euros, pointing to a widening of its valuation discount to the sector at the start of the year.

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