Credit Suisse Group AG reissued their buy rating on shares of Luxottica Group SpA (NYSE:LUX) in a research note published on Monday morning. They currently have a $50.00 price objective on the stock.

“We got further reassurance that the company should meet at least the bottom end of FY16 guidance of 2-3% org. growth, in line with consensus expectations. Therefore we believe Q4 will not see the series of earnings downgrades into the results, as we saw into Q2/Q3. Reassurance that the new initiatives will only be short-term headwinds. We believe the drag on sales of MAP in the US and the removal of third-party distributors in China will roll over in 2H17, once annualized. Additionally, we see these initiatives as positive signs that management is willing to put in place strategies to clean up distribution, leveraging its strong brand portfolio in the correct way. We believe this should put the company back on a mid- single-digit growth path, with top-line accelerating through FY17. New Ray-Ban mono-brand stores could be the answer for China. The company has lagged in China over the past decade but management’s focus on turning the region around over the past year may now be coming to fruition. The new strategy of Ray-Ban mono-brand concept stores appears to be gaining traction with comps growing double digit and plans to expand from less than 40 stores (Sept) to 70 by year-end.”,” Credit Suisse Group AG’s analyst commented.

Several other analysts also recently issued reports on LUX. RBC Capital Markets downgraded Luxottica Group SpA from an outperform rating to a sector perform rating in a research note on Monday, August 8th. Royal Bank Of Canada downgraded Luxottica Group SpA from an outperform rating to a sector perform rating in a research note on Monday, August 8th. Zacks Investment Research upgraded Luxottica Group SpA from a strong sell rating to a hold rating in a research note on Tuesday, September 6th. Deutsche Bank AG upgraded Luxottica Group SpA from a hold rating to a buy rating in a research note on Tuesday, September 13th. Finally, Bank of America Corp. restated a sell rating and set a $41.00 target price on shares of Luxottica Group SpA in a research note on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $49.00.

Luxottica Group SpA (NYSE:LUX) opened at 51.27 on Monday. The company’s 50-day moving average price is $49.56 and its 200-day moving average price is $49.75. Luxottica Group SpA has a 52-week low of $44.85 and a 52-week high of $68.50. The firm has a market cap of $24.58 billion, a price-to-earnings ratio of 30.09 and a beta of 0.69.

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Institutional investors have recently modified their holdings of the company. Kornitzer Capital Management Inc. KS bought a new position in shares of Luxottica Group SpA during the third quarter worth about $14,286,000. Jane Street Group LLC boosted its position in shares of Luxottica Group SpA by 560.7% in the third quarter. Jane Street Group LLC now owns 112,219 shares of the company’s stock worth $5,366,000 after buying an additional 95,235 shares during the last quarter. State of Tennessee Treasury Department bought a new position in shares of Luxottica Group SpA during the second quarter worth about $4,599,000. BB&T Securities LLC bought a new position in shares of Luxottica Group SpA during the third quarter worth about $1,690,000. Finally, Royal Bank of Canada boosted its position in shares of Luxottica Group SpA by 71.9% in the second quarter. Royal Bank of Canada now owns 75,937 shares of the company’s stock worth $3,712,000 after buying an additional 31,756 shares during the last quarter. 1.24% of the stock is owned by institutional investors and hedge funds.

About Luxottica Group SpA

Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.

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