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Fly News Breaks for December 17, 2018
SWGAY
Dec 17, 2018 | 09:20 EDT
Morgan Stanley analyst Edouard Aubin downgraded Swatch Group to Underweight from Equal Weight as he believes the market is still underestimating the short to medium-term pressure on sales and margins as the move to direct-to-consumer has created a structural change in the industry distribution channel. While he expects the shift to DTC to be "highly beneficial" to the watch brands in the long term, in the short to medium term it could be "highly disruptive," Aubin tells investors. He lowered his price target on Swatch shares to CHF250 from CHF375.
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