SWATCH : Stifel lowers its target price
China saw a sharp drop in sales of over 30% in the first half of the year, and is likely to remain a difficult market in the second half", the broker recalls, while noting the implementation of cost reductions to avoid further margin erosion.
According to Stifel, the Swiss watchmaker's share price is unlikely to recover until Chinese consumer trends improve and earnings revisions stabilize.
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