Tod's: Bryan Garnier still a seller; trims target price

(CercleFinance.com) - Bryan Garnier has repeated its "sell" rating on Tod's Group, while cutting its fair value for the share from 61 euros to 58 euros, saying that it is fairly cautious ahead of the Italian luxury goods group's interim results, and those of its peer, Salvatore Ferragamo, which are due at the start of August.


"Actually, both groups should report poor sales performance with market share losses, implying ongoing margin dilution," the broker believes, which is therefore adjusting its 2018-2020 earnings estimates by 5% and 4.5% respectively.

Bryan Garnier adds that it is not convinced about the group's ability to deal with its strategic problems in the coming months, and thinks that most other luxury players will post much more dynamic figures for the first half of 2018.



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