LVMH Moët Hennessy Louis Vuitton SE’s shares declined to €428.05 on Thursday, marking the lowest level since 2020 and extending a year-to-date drop of 33.29%. The stock has fallen 17.83% over the past 12 months and 14.78% in the last six months, trading within a 52-week range of €427.00 to €654.70.
Analysts at Bernstein maintained an outperform rating on LVMH despite trimming earnings forecasts, citing valuation support and a €570 price target that implies roughly 33% upside from current levels. The firm reduced its fiscal 2026 earnings per share (EPS) estimate by 1% and its fiscal 2027 EPS projection by 6.1%, both of which now sit about 2% below consensus. Bernstein also assumed France will extend its exceptional corporate-income-tax surcharge, lifting the effective tax rate to approximately 33% by fiscal 2027.
The reassessment lowered LVMH’s target relative price-to-earnings multiple from 1.70x to 1.60x the MSCI Europe index, with its new 20.5x next-twelve-months P/E near the lower end of the company’s historical range. Technical indicators reinforced the bearish trend, with daily and weekly readings in strong sell territory. The daily relative strength index stood at 33.98, while the weekly RSI was at 35.23, both indicating weak momentum without deep oversold conditions.
Support levels are clustered near €430.83 and €426.06, with resistance noted around €443.76 and €448.53. The stock’s decline has coincided with softer Chinese luxury demand, where LVMH reported essentially flat spending in the first half of 2026, as consumers shifted toward prestige beauty products.
LVMH’s market capitalization stands at €211.12 billion, with shares testing annual lows amid broader investor caution over consumer discretionary spending and tax policy risks.
