Saying he was concerned about weakening demand, Morgan Stanley securities analyst Edward Aubin downgraded the shares of the Moet Hennessey owner to equal weight.

“We expect the shares to move sideways in the coming months given likely further industry-wide deterioration in overall demand in the fourth quarter, as well as a likely difficult start to 2024 for LVMH,” Aubin wrote in a note. He added that he sees an increased risk for both the company and the wider industry from their greater dependence on spending by Chinese nationals.