(News Bulletin 247) – Jefferies maintains its Buy opinion on Moncler stock but updates its price target (+4% to E52.0).

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“MONC’s strengths remain unchanged as does relative outperformance, but the likely rising volatility does not warrant multiple expansion at this time,” the analyst said. “That said, the current weakness in the share price offers upside potential. ‘

And to explain the variations in its price target: ‘We continue to consider MONC as one of the best performing brands and only slightly adjust our target EV/EBIT multiple, from 16x to 15.5x; this leads to a 12-month PT of E52.0, i.e. a PE of 24x and a yield of FCF of 3%’.

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