Jefferies analyst James Grzinic downgraded Swatch Group to Underperform from Hold with a price target of CHF 120, down from CHF 170. The firm says weaker China demand, slower travel spend and uncertain U.S. remain the key lessons from the Q2 reporting season for the luxury brands. The analyst now assumes no appreciable improvement in the second half of 2024 from flattish demand in the first half.
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