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Fly News Breaks for September 29, 2016
LUX
Sep 29, 2016 | 08:30 EDT
BofA/Merrill analyst Ashley Wallace expects weak retail and wholesale sales trends from Luxottica's Q3 earnings report October 24. The analyst expects earnings downgrades to follow and for multiple pressure. Wallace remains concerned about Luxottica reduced brand momentum, increased competition, the highly promotional business environment, and loss of control over distribution. She reiterates her Underperform rating and $41 price target and added Luxottica to BofA/Merrill's Q4 EMEA Top Ideas list.
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