Salvatore Ferragamo: Aurel BGC cuts target price.
(CercleFinance.com) - Aurel BGC maintains its "hold" rating on Salvatore Ferragamo, while cutting its target price for the share from 28 euros to 25 euros after providing new 2017-2020 EBITDA forecasts (-10% on average compared to its initial estimates).
It points out that the transformation year devoted to improving Salvatore Ferragamo's business model is finally proving more difficult than expected financially, which resulted in a sharp drop in its H1 earnings.
According to Aurel BGC, the Italian luxury group has the resources to make a major turning point in its history, even though the execution of the various strategic initiatives will inevitably weigh on its results in the near term.
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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.
It points out that the transformation year devoted to improving Salvatore Ferragamo's business model is finally proving more difficult than expected financially, which resulted in a sharp drop in its H1 earnings.
According to Aurel BGC, the Italian luxury group has the resources to make a major turning point in its history, even though the execution of the various strategic initiatives will inevitably weigh on its results in the near term.
Copyright (c) 2017 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.