Why richemont Is Trending Today?

Jefferies has raised its target price for Richemont to 190 Swiss francs, advising investors to 'Buy'. Richemont has surprised with strong growth and has once again offered a positive outlook for the luxury market.

Richemont, a luxury goods group, reported a significant increase in sales, reaching 5.2 billion Euros. This growth was driven by strong demand from the US and China, particularly for watches. The company's second-quarter sales also saw a 14% increase. Following these strong results, Richemont's stock experienced a notable jump, with shares rising significantly. Deutsche Bank maintained a 'Hold' rating on Richemont, despite the positive performance.