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Reuters
Published
Feb 28, 2010
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Richemont shares could rally by 50 percent

By
Reuters
Published
Feb 28, 2010

NEW YORK, Feb 28 (Reuters) - Shares of Compagnie Financiere Richemont (CFR.VX) could jump by 50 percent or more in the next year, helped by a rebound in the luxury goods market, according to the financial weekly Barron's.

Richemont
Baume & Mercier (Richemont group)

Shares of Richemont, which makes Cartier jewelry, Jaeger-LeCoultre watches and Purdey shotguns, could rise to "north of 70 Swiss francs" in 12 months, Barron's reported, quoting David Herro, who runs two Oakmark international funds for Harris Associates in Chicago.

Richemont closed at 36.22 Swiss francs on Friday 26 February.

The article said that expectations of a stock rally are based on predictions of a recovery in luxury goods as economies get back on more solid footing. What is more, Richemont has a big focus on China and the emerging Asian markets, big consumers of luxury goods. (Reporting by Paul Thomasch; Editing by Leslie Adler)

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