LVMH is trading at $468.50 (-3.28%) after Bernstein cut its price target to €520 from €570, citing a pause in China’s luxury recovery and affordability concerns at Louis Vuitton.
- Bernstein lowered its third-quarter Fashion and Leather Goods growth forecast to -4% from +1%.
- Broader luxury weakness pushed LVMH out of Europe’s top ten listed companies by market value.
- U.S. markets are also modestly lower ahead of the Federal Reserve meeting.