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Lehman Brothers Downgrades Luxury Sectory To Negative

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by Lauren Goldstein Crowe
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Jan 21 2008 12:00am EDT

Lehman Brothers Downgrades Luxury Sectory To Negative

Lehamn Bros. has downgraded the entire luxury sector from neutral to negative. Trading Markets reports that a note from a Lehman broker said that it has cut earnings per share estimates for 2008-2009 by 10 percent. PPR and Luxottica were also downgraded but overweight positions on LVMH and Adidas were upheld. However, the broker added that the sector corrects quickly and if more downgrades are forthcoming that it is likely the outlook will change. Because everybody loves a sale. □

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