[Morgan Stanley maintains LVMH's "hold and wait" rating with a target price of 450 euros] On October 8, Morgan Stanley maintained LVMH's "hold and wait" rating and a target price of 450 euros. It pointed out that the company's stock price has fallen by about 41% during the year, and its valuation is close to historical lows. It is currently at the 6th percentile of the absolute valuation range in the past 15 years, but fundamental pressure still limits the upside. The agency said that the Louis Vuitton brand, with annual sales of about 20 billion euros, has shown signs of weakness. After Dior appointed Jonathan Anderson as creative director in 2025, there was no V-shaped recovery that some investors had expected. LVMH's stock price has fallen by about 60% from its high in July 2023. Morgan Stanley pointed out that the current core disagreement among investors is whether the existing low valuation is enough to compensate for the operating risks faced by the company, and the market will focus on the results announced next Monday.