ESLOF - EssilorLuxottica: No More Upside (Rating Downgrade)
2024-04-24 04:40:53 ET
Summary
- Solid Q1 sales, but we do not forecast upgrades to EssilorLuxottica's earnings in 2024.
- Positive updates on Nuance Audio and a new acquisition do not change the needle.
- Valuation isn't attractive, so we moved our rating to neutral.
Last week, EssilorLuxottica Société Anonyme ( OTCPK:ESLOF , OTCPK:ESLOY ) presented its latest Q1 results. Since we initiated coverage , the company's total return has reached almost 45% (including the dividend payment). Our buy rating was supported by A Perfect Combination Of Tech, Pharma, And Fashion backed by the New Collaborations agreement....
EssilorLuxottica: No More Upside (Rating Downgrade)