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Hugo Boss: Stifel raises target price

( - While Stifel maintains its "hold" recommendation on Hugo Boss shares, it has increased its target price for them from 56 euros to 60 euros (current price: 53.
6 euros, +1.9%).

The international fashion group has pre-announced sales of 755 million euros for Q3, with an EBIT of 85 million euros, data that exceeded expectations, with sales benefiting from good momentum in Europe and the Americas.

Against this backdrop, Hugo Boss has raised its guidance and now expects sales to increase by 40% (adjusted for currency effects) in 2021, compared to 30%-35% growth forecast previously. Meanwhile, this year EBIT is expected between 175 and 200 million euros, compared to a previous estimate range of 125 to 175 million euros.

Stifel also expects sales to increase by 40% in 2021 and has raised its 2022/23 EBIT estimate by 5%.

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