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Hugo Boss: Crédit Suisse still on hold

( - Credit Suisse confirms its neutral rating on the share, along with its target price of 25 euros (current price: almost 24 euros).

Following its quarterly results, the analyst now expects organic revenues to fall by 26% on 2020, with an adjusted operating loss of 66 million euros.

"Our FY21-22e organic sales assumptions are unchanged but our operating profit estimates decrease by 4% driven by our more cautious view on near-term margin recovery and a stronger euro," Crédit Suisse said.

"Our FY21-22e organic sales forecasts are 11% and 8% below FY19. 35-40% retail sales decline in June with 80% stores opened indicates a modest demand recovery post lockdowns".

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