MILAN — Morgan Stanley cut its earnings estimates on six European luxury goods stocks as it forecast a weak Christmas season and expressed fear about the consequences of a potential war in Iraq.

The bank slashed earnings and sales targets for Bulgari, Gucci, Hermès, LVMH Moët Hennessy Louis Vuitton, Richemont and Swatch. High-flying Burberry was a notable exception for which the investment firm raised expectations.

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