Berenberg Lowers LVMH Forecasts After 'Mixed' Q3 Performance; Hold Rating Retained

06:14 AM EDT, 10/14/2026 (MT Newswires) -- Berenberg reduced its earnings estimates for LVMH Moët Hennessy - Louis Vuitton (MC.PA) after the luxury goods giant's "mixed" third-quarter revenue performance, according to a Wednesday note. LVMH's group revenue for the three months ended Sept. 30 came in at 18.50 billion euros, against 18.28 billion euros a year ago and the consensus of 18.47 billion euros. Organic revenue growth for the quarter was 1%. Despite the in-line headline result, analysts said the company's core luxury businesses fell short of market expectations, mainly driven by the "big miss" in its fashion and leather goods segment. The research firm attributed "all of the growth shortfall" to China-related headwinds, while other geographies performed better than expected. Against this backdrop, Berenberg reduced its revenue and EBIT margin forecasts for 2026 to 2028, with its EPS projections for the period also trimmed. "Like banks in the 2010s, we think LVMH and the sector more broadly need ultimately to recalibrate capital allocation policies, accepting that future growth will be different to the past. Less is always more. For now, we remain Hold-rated and happy to sit on the sidelines," analysts wrote. The stock's price target of 420 euros was also unchanged.