LVMH downgraded to Hold from Buy at Stifel

Stifel downgraded LVMH (LVMUY) to Hold from Buy with a price target of EUR 710, up from EUR 680. The firm says the company’s lack of earnings upgrades and 20% share price appreciation since last November’s lows results in little upside to the new price target It expects another transition year for cognac under new leadership and high reinvestment needs for Watches and Jewellery, capping consensus estimates.