Swatch Group initiated with a Sell at Berenberg

Berenberg initiated coverage of Swatch Group (SWGAY) with a Sell rating and CHF 165 price target Investing in luxury has become a call on the macro environment and the winners will be the names exposed to the “more robust” absolute luxury segment or those that are well positioned to drive further market share gains, the analyst tells investors in a research note. The firm sees the aspirational segment remaining under pressure.