Hugo Boss: Jefferies downgrades stock

(CercleFinance.com) - Jefferies has downgraded its rating on Hugo Boss shares from "buy" to "hold", while increasing its target price for them from 66 euros to 69 euros, in particular expecting that the German clothing house's growth will converge with its key peers in 2023.


"BOSS has successfully executed a brand relaunch and achieved significant market share expansion. However, we expect sales growth deceleration in 2023, driven by geographical mix and tough comps," the broker said.

"We think growth will converge to peers with conservative guidance issued in March. Net store closures, required to achieve margin targets, should weigh on growth in 2023-2025," it added.


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