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Inditex: Bryan Garnier maintains 'buy' after derating.

(CercleFinance.com) - Bryan Garnier is maintaining its "buy" rating on Spain's Inditex, along with its fair value of 38 euros, after several headwinds have resulted in a 20% derating since the share's peak level in June.

The broker says the three main headwinds behind the share's fall are: (1) the weaker US dollar, (2) the Catalonia crisis and (3) negative newsflow in the apparel industry.

"We believe that their impacts were overestimated by the market and we continue to view Inditex as the best-in-class player capable of maintaining double-digit EPS growth in a volatile environment," BG says.

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