(News Bulletin 247) – UBS confirms its neutral opinion on the stock with a target of 63 E. Remember that the analyst had lowered its recommendation from buy to neutral at the beginning of March.
“The first quarter shows good sales momentum, but with pressure on margins,” said UBS.
The broker says it is particularly concerned about (1) an environment deemed increasingly complicated for the sector, (2) increased competition from its most seasoned competitors among retailers, (3) d a very uncertain recovery in China and (4) the need to reorganize its distribution activities in the Americas region after the rapid growth that the German group has recorded in the region.
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