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Salvatore Ferragamo: Oddo no longer a buyer

(CercleFinance.com) - In a report issued on Monday morning, Oddo downgraded its "buy" on Salvatore Ferragamo, adopting a "neutral" rating, with a lower target price of 23 euros, vs.
25.5 euros previously.

Oddo reacted to the group's announcement on 14 December of the impossibility to be able to confirm its medium-term targets. In this context, 2018 - in line with this year - will be "a year of transition, with sustainable investments in IT and marketing," the broker says, which considers the timing of this announcement surprising, insofar as Ferragamo had already informed the market on the publication of its Q3 results on 14 November that the year 2018 would be another year of investments.

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