Oddo maintains its 'outperform' rating on EssilorLuxottica shares, with a price target reduced from 201 to 196 euros.

The broker believes that, while the climate calls for caution, the Group's trajectory remains solidly established.

No perceptible change in our 2022 forecasts, but we have adjusted slightly downwards our Q4 sales growth forecast from 4% y/y cc to 3.7%", says Oddo, whose margin scenario remains unchanged.

For 2023, the analyst has also slightly revised downwards its assumption of annual sales growth y/y cc from 4% to 3.7%.

'The downward revision of our 2024 sales/EBIT forecast is only -1%, as we have taken into account growth slightly above the targeted annual average trend (5%) at 5.4%', adds Oddo.

The analyst believes that the stock's late start to the year reinforces a relevant medium-term investment case.

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