Swatch Group downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Chiara Battistini downgraded Swatch Group (SWGAY) to Underweight from Neutral with a price target of CHF 135, down from CHF 180. Following a tough 2024 for the European luxury and sporting goods sector, JPMorgan’s work suggests that the outlook into 2025 “might remain bumpy,” the analyst tells investors in a research note. The firm says that with ongoing macro challenges in China negatively impacting consumer spending, and an overall muted pricing and mix environment, it expects 2025 to be another year of soft sales and profits growth for the luxury sector.

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