Morgan Stanley raised the firm’s price target on LVMH (LVMUY) to EUR 630 from EUR 620 and keeps an Equal Weight rating on the shares. The firm updated its model for the latest French corporate tax news, saying the risk/reward has been updated. Morgan Stanley previously modelled the full tax surcharge in 2024 and the half surcharge in 2025, but now models a 2024 tax rate of 26.2%, the tax rate thereafter as 27%.
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