(News Bulletin 247) – Stifel reaffirms its ‘hold’ recommendation on Salvatore Ferragamo, with a price target reduced from 16 to 14.3 euros, in the wake of a 6% reduction in its 2023 sales and EPS projections -24 for the Italian luxury shoe house.
Before its half-year results, on August 3, the broker anticipates a turnover of 309 million euros for the second quarter (i.e. 10% below the consensus), penalized by internal measures exacerbating the relative underperformance by compared to his peers.
“However, the resilience of the gross margin and the slower deployment of investments in marketing and communication should protect profitability in the first half,” tempers Stifel, which anticipates 42 million euros in EBIT for this period.
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