PARIS — Amid doom and gloom aplenty, the luxury goods sector got a blast of good news from investment firm HSBC, whose analysts contend that robust demand from Asia, the Middle East and Russia should boost top-line growth by 6 percent and keep earnings per share in the high single digits for all players in 2008.
"We are not surrendering to the gloomy scenario currently factored into most luxury stock evaluations," Antoine Belge and Erwan Rambourg wrote in a research report issued Friday. "In light of recent economic and financial market developments, we believe we need to revise down our forecasts. Nevertheless, the trends we are forecasting are still far from a nightmare for the luxury goods industry."
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