Luxottica Group SpA (LUX) Rating Reiterated by Credit Suisse Group AG
Luxottica Group SpA (NYSE:LUX)‘s stock had its “buy” rating reaffirmed by equities research analysts at Credit Suisse Group AG in a report issued on Monday. They currently have a $50.00 price target on the stock. Credit Suisse Group AG’s price target points to a potential downside of 2.87% from the stock’s previous close.
The analysts wrote, “We got further reassurance that the company should meet at least the bottom end of FY16 guidance of 2-3% org. growth, in line with consensus expectations. Therefore we believe Q4 will not see the series of earnings downgrades into the results, as we saw into Q2/Q3. Reassurance that the new initiatives will only be short-term headwinds. We believe the drag on sales of MAP in the US and the removal of third-party distributors in China will roll over in 2H17, once annualized. Additionally, we see these initiatives as positive signs that management is willing to put in place strategies to clean up distribution, leveraging its strong brand portfolio in the correct way. We believe this should put the company back on a mid- single-digit growth path, with top-line accelerating through FY17. New Ray-Ban mono-brand stores could be the answer for China. The company has lagged in China over the past decade but management’s focus on turning the region around over the past year may now be coming to fruition. The new strategy of Ray-Ban mono-brand concept stores appears to be gaining traction with comps growing double digit and plans to expand from less than 40 stores (Sept) to 70 by year-end.””
A number of other research firms have also recently issued reports on LUX. Zacks Investment Research cut shares of Luxottica Group SpA from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 12th. Bank of America Corp. restated a “sell” rating and set a $41.00 target price on shares of Luxottica Group SpA in a research note on Thursday, September 29th. Deutsche Bank AG upgraded shares of Luxottica Group SpA from a “hold” rating to a “buy” rating in a research note on Tuesday, September 13th. Royal Bank Of Canada cut shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. Finally, RBC Capital Markets cut shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $49.00.
Shares of Luxottica Group SpA (NYSE:LUX) opened at 51.48 on Monday. The company has a 50-day moving average of $49.68 and a 200-day moving average of $49.72. The company has a market cap of $24.69 billion, a PE ratio of 30.21 and a beta of 0.69. Luxottica Group SpA has a 1-year low of $44.85 and a 1-year high of $68.50.
Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its position in Luxottica Group SpA by 35.2% in the second quarter. US Bancorp DE now owns 2,144 shares of the company’s stock worth $105,000 after buying an additional 558 shares in the last quarter. Sei Investments Co. raised its position in Luxottica Group SpA by 136.1% in the second quarter. Sei Investments Co. now owns 2,309 shares of the company’s stock worth $113,000 after buying an additional 1,331 shares in the last quarter. Thomas White International Ltd. raised its position in Luxottica Group SpA by 23.1% in the third quarter. Thomas White International Ltd. now owns 2,666 shares of the company’s stock worth $127,000 after buying an additional 500 shares in the last quarter. Toronto Dominion Bank raised its position in Luxottica Group SpA by 16.7% in the second quarter. Toronto Dominion Bank now owns 2,800 shares of the company’s stock worth $138,000 after buying an additional 400 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its position in Luxottica Group SpA by 2.2% in the third quarter. Riverhead Capital Management LLC now owns 2,900 shares of the company’s stock worth $139,000 after buying an additional 62 shares in the last quarter. 1.24% of the stock is currently owned by institutional investors and hedge funds.
About Luxottica Group SpA
Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.
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