** Goldman Sachs cuts Franco-Italian eyewear maker EssilorLuxottica ESLX.PA to "neutral" from "buy", expecting tougher competition in the AI glasses market and slower H2 growth

** "(We expect) materially tougher AI glasses comps in H2 26 — we model flat revenue and expect group growth to decelerate to +5%/+3% in H2/Q4 vs consensus +8%/+6%," Goldman says

** Competition from Google GOOGL.O, Samsung 005930.KS and Apple AAPL.O over the next 18 months is expected to accelerate, it adds

** The brokerage also warns about Meta META.O glasses potentially shifting EssilorLuxottica's business towards lower average selling prices

** It cuts EssilorLuxottica's PT by 13% to €200

** Out of 25 analysts that cover EssilorLuxottica, 21 rate it "strong buy" or "buy", ​three "hold" and one "sell" - LSEG data

($1 = 0.8781 euros)