Bernstein upgraded Richemont (CFRSF) to Outperform from Market Perform with a CHF 153 price target. The analyst says the management team has “taken good safeguards against Farfetch (FTCH) having trouble,” and will not be drawn in as a white knight eleventh hour savior. Given the jewelry category leadership of Cartier and Van Cleef & Arpels plus the greater relative appeal of jewelry against handbags on the back of more subdued price increases in the past few years, the firm upgrades the shares.
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