Barclay’s Cuts Richemont Goal to 147 Swiss Francs

Richemont's stock price has been on a steady decline since 2018

Barclays has slashed its price target for Richemont to 147 Swiss francs, down from the previous target of 160 Swiss francs, citing concerns over the company's exposure to China and the impact of the COVID-19 pandemic. The bank maintained its "overweight" rating on the stock, but said it now expects the company's earnings per share to decline by 15% in 2023, compared to its previous estimate of a 10% decline.

Richemont is a Swiss luxury goods company that owns brands such as Cartier, Van Cleef & Arpels, and Piaget

The company has been hit hard by the COVID-19 pandemic, which has led to a sharp decline in demand for luxury goods. In addition, Richemont has been facing headwinds in China, its largest market, due to the country's economic slowdown and the ongoing trade war with the United States. As a result of these challenges, Richemont's stock price has been on a steady decline since 2018. The stock is currently trading at around 120 Swiss francs, down from a high of over 170 Swiss francs in 2018. Despite the challenges it faces, Richemont remains a well-positioned company with a strong brand portfolio and a loyal customer base. The company is also benefiting from the growing popularity of online luxury retail. Barclays believes that Richemont's shares are undervalued and that the stock is a good long-term investment.