(News Bulletin 247) – UBS reiterates its advice to sell the stock and lowers its target price to 13.5 E (against 14.5 E). The analyst believes that the value is not yet at the bottom of the wave.
“We continue to see persistent headwinds to Salvatore Ferragamo’s turnaround with an uncertain outlook given macroeconomic factors and increased competition,” UBS said.
“We remain cautious on the file, given the weak momentum of the brand and the scale of the investments required which are not yet fully reflected in the consensus”, explains the broker, for whom 2023 will be “a crucial year of transition’.
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