Oddo BHF has reiterated its 'outperform' rating on LVMH, with a price target raised from €835 to €857, suggesting a 12-month upside potential of around 10%, the day after the world's leading luxury goods group released its quarterly trading update.

On the whole, the research firm considers the first-quarter publication 'rather reassuring, even if growth in the fashion and leather goods division is confirmed to be a little sluggish at this stage'.

In addition, Oddo BHF notes that the share's lacklustre performance at the start of the year 'leads to a slightly more perceptible discount of its PE and EV/EBIT multiples to the sector's weighted average, at close to -7%/-8%'.

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