(Tiper Stock Exchange) – Bank of America (BofA) confirmed the recommendation “Buy” on the title EssilorLuxotticaan Italian-French multinational active in the eyewear field, with a target price revised upwards to 200 euros per share (from 190 euros). Analysts write that EssilorLuxottica reported strong revenue in the first quarter of 2023, with growth of 8.6% at constant exchange rates, 4.8% more than the consensus.
Especially important for the sentiment was the result above expectations in North America, with no indication of a deterioration in current trends. BofA points out that the stock’s recent underperformance notably provides an attractive entry point.
Now analysts are predicting growth in revenues by 5.4% (cFX) in 2023 (from 4.3% previously). The change affects North America (now 4.6% from 3.6%), Europe (now 3.2% from 2.0%) and Asia-Pacific (now 14.0% from 12.0%). The estimate has also increased EBIT margin by 30 basis points for 2023 to 17.8%.