Luxottica Group SpA (NYSE:LUX)‘s stock had its “buy” rating reiterated by Credit Suisse Group AG in a report released on Monday. They presently have a $50.00 target price on the stock. Credit Suisse Group AG’s target price indicates a potential downside of 3.25% from the company’s current price.
The analysts wrote, “We got further reassurance that the company should meet at least the bottom end of FY16 guidance of 2-3% org. growth, in line with consensus expectations. Therefore we believe Q4 will not see the series of earnings downgrades into the results, as we saw into Q2/Q3. Reassurance that the new initiatives will only be short-term headwinds. We believe the drag on sales of MAP in the US and the removal of third-party distributors in China will roll over in 2H17, once annualized. Additionally, we see these initiatives as positive signs that management is willing to put in place strategies to clean up distribution, leveraging its strong brand portfolio in the correct way. We believe this should put the company back on a mid- single-digit growth path, with top-line accelerating through FY17. New Ray-Ban mono-brand stores could be the answer for China. The company has lagged in China over the past decade but management’s focus on turning the region around over the past year may now be coming to fruition. The new strategy of Ray-Ban mono-brand concept stores appears to be gaining traction with comps growing double digit and plans to expand from less than 40 stores (Sept) to 70 by year-end.””
Other research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Luxottica Group SpA from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, September 28th. Deutsche Bank AG raised shares of Luxottica Group SpA from a “hold” rating to a “buy” rating in a research note on Tuesday, September 13th. Royal Bank Of Canada lowered shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. RBC Capital Markets lowered shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. Finally, Bank of America Corp. reissued a “sell” rating and set a $41.00 target price on shares of Luxottica Group SpA in a research note on Thursday, September 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Luxottica Group SpA currently has a consensus rating of “Hold” and a consensus target price of $49.00.
Luxottica Group SpA (NYSE:LUX) opened at 51.68 on Monday. The stock’s 50 day moving average is $49.40 and its 200-day moving average is $49.84. Luxottica Group SpA has a 52 week low of $44.85 and a 52 week high of $68.50. The stock has a market capitalization of $24.78 billion, a PE ratio of 30.33 and a beta of 0.69.
Several hedge funds have recently modified their holdings of LUX. Fisher Asset Management LLC raised its stake in shares of Luxottica Group SpA by 2.2% in the third quarter. Fisher Asset Management LLC now owns 898,824 shares of the company’s stock worth $42,982,000 after buying an additional 19,488 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in Luxottica Group SpA during the third quarter valued at approximately $14,286,000. Gofen & Glossberg LLC IL raised its stake in Luxottica Group SpA by 2.6% in the third quarter. Gofen & Glossberg LLC IL now owns 168,713 shares of the company’s stock valued at $8,068,000 after buying an additional 4,196 shares in the last quarter. Aperio Group LLC raised its stake in Luxottica Group SpA by 4.6% in the third quarter. Aperio Group LLC now owns 162,390 shares of the company’s stock valued at $7,765,000 after buying an additional 7,174 shares in the last quarter. Finally, Jarislowsky Fraser Ltd raised its stake in Luxottica Group SpA by 4.4% in the second quarter. Jarislowsky Fraser Ltd now owns 134,385 shares of the company’s stock valued at $6,566,000 after buying an additional 5,667 shares in the last quarter. 1.24% of the stock is owned by institutional investors.
Luxottica Group SpA Company Profile