Inditex: Bryan Garnier still a buyer after results
(CercleFinance.com) - Bryan Garnier reiterates its “buy” rating and fair value of 35 euros on the Inditex stock, the day after the parent company of Zara stores published its annual results and a trading update.
"Investors were particularly reassured by management's optimistic message for gross margin: (i) no major negative FX impact expected over 2018... and no dilutive impact from fast-growing online sales," the broker says.
Bryan Garnier maintains its 2018 and 2019 estimates for the Spanish textile group overall, and feels that "CS expectations should now stabilise".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Investors were particularly reassured by management's optimistic message for gross margin: (i) no major negative FX impact expected over 2018... and no dilutive impact from fast-growing online sales," the broker says.
Bryan Garnier maintains its 2018 and 2019 estimates for the Spanish textile group overall, and feels that "CS expectations should now stabilise".
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.