LVMH, Richemont Raised To Overweight At J.P. Morgan Cazenove

LVMH Mo�t Hennessy Louis Vuitton and Cie. Financi�re Richemont SA on Thursday were upgraded to overweight from neutral at J.P. Morgan Cazanove, which called the moves "a leap" as it holds a cautious stance on the luxury goods sector. Valuation is attractive as LVMH and Richemont shares have 20% and 21% upside, respectively, over the next 12 months, analyst Melanie Flouquet said in note to clients. The companies have "well managed, dominant and quality portfolios," and "will be the first to attract back investors' interest," she wrote. LVMH shares on Thursday were up 1.5%, and Richemont's stock picked up 0.6%.