Jefferies Downgrades Watches of Switzerland as Valuation Upside Narrows (WOSG)

Shares of Watches of Switzerland Group Plc (LSE) dropped more than 3% on Friday after Jefferies lowered its recommendation on the luxury watch retailer to “hold” from “buy,” arguing that the scope for further valuation expansion has become more limited. At the same time, the broker increased its price target to 740 pence from 440 pence.