UPDATE: Bank of America Upgrades Luxottica Group
According to a research report published this morning, Bank of America has upgraded Luxottica Group's (NYSE: LUX) from Neutral to Buy.
Bank of America commented in the report, "High exposure to US and increasing Asian exposure vs Europe, EMs (LatAm, Asia) finally poised to deliver as LUX reaches critical mass and looks for more targets, increasing market dominance (monopoly and monopsony, a' la Essilor) coupled with best-in-class operational performance, ongoing strong cash flow generation and an increasingly healthy balance sheet, and finally, strong performance in the last 5 years in terms not only of operational resilience but also of management performance as LUX evolved its skills set much to the better."
Luxottica Group is currently trading at $36.60.
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