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Hugo Boss: Jefferies initiates coverage with 'buy' rating

( - Jefferies on Thursday started the coverage of the Hugo Boss shares with a "buy" rating and a target price of 53 euros, meaning upside potential of 38%.

"We believe that Hugo Boss can hone its simplified two brand strategy and achieve outperformance in both digital and Asia Pacific, returning to mid-single digit growth following four years of underperformance," the US broker wrote in a note.

According to Jeffeires, the confidence crisis caused by the October profit warning offers an attractive entry point.

Jefferies pointed out that its the German fashion house's valuation multiple is 22% below its 5-year historical average.

The Hugo Boss shares are currently up 1.4% at 39.9 euros on the XETRA market.

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