Tod's: Stifel cuts target price
(CercleFinance.com) - Stifel maintains its "hold" rating on Tod's shares, while reducing its target price for them from E43 to E40, so as to take account of a 2% reduction in its 2023-25 EBIT projections for the Italian luxury footwear manufacturer.
"Tod's group has benefited from its over-exposure to the fast-growing markets in H1, namely Europe and China, as well as low expectations regarding its growth profile and profit recovery," the broker points out.
However, with headwinds in these markets normalising and macro uncertainty for H1 2024 rising, Stifel now sees "limited upside risk to earnings for Tod's from here, and greater upside potential elsewhere in our coverage".
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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.
"Tod's group has benefited from its over-exposure to the fast-growing markets in H1, namely Europe and China, as well as low expectations regarding its growth profile and profit recovery," the broker points out.
However, with headwinds in these markets normalising and macro uncertainty for H1 2024 rising, Stifel now sees "limited upside risk to earnings for Tod's from here, and greater upside potential elsewhere in our coverage".
Copyright (c) 2023 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.