Home > Analyse
Actualite financiere : Actualite bourse

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.

Copyright (c) 2018 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.