** Jefferies suggests shifting focus within France's LVMH
 LVMH.PA  from 2022 to units which were hit by a
coronavirus-related dearth of travel from the soft luxury ones
which keep on outperforming peers
    ** The broker sees over 52% EBIT growth at the units which
have been dragging profitability down during the pandemic
    ** "No, LVMH  shares  are not as expensive as you think,"
Jefferies says, hiking its price target by almost 30% to EUR
590.0, based on 2022 estimates and including the planned
acquisition of Tiffany  TIF.N 
    ** Tiffany, which posted record holiday sales on
Tuesday urn:newsml:reuters.com:*:nL4N2JG3F4, will have an important impact on hard
luxury in 2022 and beyond, the broker adds, as LVMH will likely
reshape it to target Asia
    ** Moreover, Jefferies expects travel recovery to benefit
the Asia-Pacific region in late 2021 and a gradual ramp-up from
2022
    ** Soft luxury units such as Louis Vuitton and Christian
Dior are set to continue outperforming in 2021, Jefferies says,
adding it expects minimal impact from the proposed U.S. tariffs
 urn:newsml:reuters.com:*:nL1N2JA29L
   
    
    
    

 ((anait.miridzhanian@thomsonreuters.com))