(News Bulletin 247) – Stifel maintains its ‘hold’ rating on Moncler shares, with a price target raised from 60 to 65 euros.
The analyst raises its sales and EBIT estimates for fiscal years 23 to 25 for Moncler by 1%.
“This assumes stronger retail sales for the Moncler brand in early 2023 which will more than offset the weaker assumptions for Stone Island in wholesale for 1H23,” Stifel says.
For the broker, Moncler remains a key value with a premium valuation (c.28x 2023E P/E versus around 25x the historical average) supported by strong brand momentum in Asia & Europe, by the reopening of China as well as by a strong price momentum (+10% for the spring-summer 2023 collection).
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