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Salvatore Ferragamo: Jefferies begins coverage with 'hold'.

(CercleFinance.com) - Jefferies initiates a cover of Salvatore Ferragamo with a "hold" rating and a 12-month target price of 23 euros, although it sees that this luxury player could see a turnaround after a trough year in 2017.

We think this remains a rather slow and convoluted process with no real positive evidence likely to emerge before H2 18," the broker states in its report.

Jefferies considers that “It is too early to look out to 2019-20 given uncertainties and we believe the stock is fairly priced at this time.”

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