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Zalando tops the DAX index, Berenberg upgrades to buy

( - Zalando was the biggest riser on the DAX index on the Frankfurt Stock Exchange on Friday, following a recommendation upgrade by Berenberg.

The share price of the German online fashion specialist is currently up 2.6%, while the DAX is up 0.8%, reaching new all-time highs.

This morning, Berenberg raised its recommendation to 'buy' from 'hold', with a price target raised from 25.2 to 29.7 euros, welcoming the improved market dynamics of the online fashion group.

In particular, the analyst highlights the positive effects of the company's new strategic direction, which in his view is already producing promising results.

"The implementation of the new strategy has resulted in even stricter cost discipline, with an encouraging improvement in margins", he explains.

On the stock market, Zalando shares are now up around 17% since the start of the year.

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