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Citigroup stated that due to the downward adjustment in retail LFL assumptions in Asia (especially in Hong Kong) and Europe, the operating earnings forecast was down by around 2% in the second half of the year. The target price was cut from $66 to $62. The rating was maintained at Buy, mainly due to the better earnings prospect in 2015 and 2016, upside potential of Miu Miu and vigorous financial condition of the group. 

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