Deutsche Bank Notes LVMH's 'Broadly In Line' H1 Results, 'Flat' Chinese Demand

07:08 AM EDT, 07/28/2026 (MT Newswires) -- Deutsche Bank Research said the flat demand in China and Asia might overshadow LVMH Moët Hennessy Louis Vuitton's (MC.PA) "broadly in line" first-half performance. "The lack of sequential improvement in the Chinese cluster (local and tourist demand flat vs. 1Q) and in Asia will likely offset the positives for investors in our view. Commentary that Chinese demand is becoming increasingly event-driven is also unlikely to provide investors with tangible evidence of a sustained recovery. Similarly, several positives on Dior were highlighted, such as [double-digit] growth of Americans and Japanese, but there were no mentions on Chinese cluster's performance for the brand," according to a Tuesday note. For the six months ended June 30, the French luxury goods giant's revenue came in at 38.64 billion euros, down 3% on a reported basis and up 2% organically. The research firm estimated a constant-currency growth of 1.8% to 38.43 billion euros. Deutsche Bank rates the stock at buy, with a price target of 600 euros.