GS cuts EssilorLuxottica to 'neutral' as AI glasses competition heats up

EssilorLuxottica SA

14/07/2026 07:21

** Goldman Sachs cuts Franco-Italian eyewear maker EssilorLuxottica ESLX.PA to "neutral" from "buy", expecting tougher competition in the AI glasses market and slower H2 growth
** "(We expect) materially tougher AI glasses comps in H2 26 — we model flat revenue and expect group growth to decelerate to +5%/+3% in H2/Q4 vs consensus +8%/+6%," Goldman says
** Competition from Google GOOGL.O, Samsung 005930.KS and Apple AAPL.O over the next 18 months is expected to accelerate, it adds
** The brokerage also warns about Meta META.O glasses potentially shifting EssilorLuxottica's business towards lower average selling prices
** It cuts EssilorLuxottica's PT by 13% to €200
** Out of 25 analysts that cover EssilorLuxottica, 21 rate it "strong buy" or "buy", ​three "hold" and one "sell" - LSEG data
($1 = 0.8781 euros)

(Reporting by Gianluca Lo Nostro)
((gianluca.lonostro@thomsonreuters.com;))