LVMH Moët Hennessy Louis Vuitton, FR0000121014

LVMH stock trades at EUR 397.25 as Jefferies cuts target

Published on 09/28/2026 at 10:25 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

LVMH stock reflects EUR 38.6 billion in first-half 2026 revenue, up 2 percent organically. Bernstein set a EUR 520 target after its earlier EUR 570 view.

Dark green unlabeled champagne bottle with two crystal flutes on white marble — LVMH FR0000121014 zeigt eine dunkle Champagnerflasche mit Sektgläsern auf weißem Marmor fotorealistisch, Illustration mit AI erstellt.

LVMH Moët Hennessy Louis Vuitton stock (ISIN FR0000121014) was trading at EUR 397.25 on Euronext Paris on September 28, 2026, up 0.10 percent from the prior close of EUR 396.85. The luxury group is rebuilding organic growth, but recent analyst target cuts show that the market still wants stronger evidence from its largest brands.

Targets move lower

According to MarketScreener on September 22, 2026, Jefferies kept a Neutral rating and reduced its LVMH price target from EUR 510 to EUR 440. That move places the new target 10.76 percent above the September 28 price.

Bernstein remains more constructive. Investing.com reported on September 15, 2026, that the broker retained its Outperform rating but cut its target from EUR 570 to EUR 520. The report tied the change to pressure in Fashion and Leather Goods and a pause in China's recovery.

Growth returns selectively

In the first half of 2026, LVMH generated EUR 38.6 billion of revenue, with organic growth of 2 percent and second-quarter organic growth of 3 percent. The figures were detailed in the company's earnings call carried by Yahoo Finance for the first-half 2026 reporting period.

The recovery is uneven across divisions. Fashion and Leather Goods revenue reached EUR 18.1 billion in the first half, down 1 percent organically, while Watches and Jewelry revenue rose 9 percent organically to EUR 5.2 billion. That contrast matters because Fashion and Leather Goods remains the group's largest business and the key test for a broader luxury recovery.

Cash flow supports the reset

LVMH reported an operating margin of 22.5 percent and net profit attributable to the group of EUR 5.7 billion for the first half of 2026. Operating free cash flow reached EUR 4.1 billion, giving the company financial capacity while management continues investing in stores, products and brand desirability.

The balance between resilient cash generation and weaker fashion momentum defines the stock's current setup. A return to sustained growth at Louis Vuitton and Christian Dior would address the concern behind the target cuts, while continued pressure in China would keep the valuation debate active.

Stock stays below yearly high

LVMH was last at EUR 397.25 on Euronext Paris on September 28, 2026 at 10:08 a.m. CEST, with a session range of EUR 396.80 to EUR 401.25 and a 52-week range of EUR 395.15 to EUR 654.70. Its market capitalization was EUR 195.9 billion, with volume of 38,243 shares.