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Moncler: Bryan Garnier drops 'Buy' recommendation

(CercleFinance.com) - Bryan Garnier downgrades its recommendation on Moncler from 'Buy' to 'Neutral', albeit revising the fair value of the share of the Italian luxury winter clothing manufacturer upwards from 26 to 35 euros.


Although it confesses its fondness for this investment case, the broker underlines that following a remarkable price rally (+38% year-to-date), Moncler's valuation seems stretched (price-earnings ratio premium of 15% compared to its luxury sample outside Hermès).

“Even after having revised up our FY 18-20 forecasts by 7.5% on average, we struggle to see enough upside potential to maintain our 'Buy' recommendation”, adds the financial intermediary.


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