Hugo Boss: Invest Securities cuts target price
(CercleFinance.com) - Invest Securities believes that the announcement of a second lockdown in Europe dampens hopes that there market conditions could get back to normal in Q4.
The broker says that as a result, it is significantly cutting its Q4 estimates, now expecting 2020 EPS of -2.36 euros from -0.79 euros previously. For 2021 and 2022, estimates have been reduced to a lesser extent (-9.9%/-3.8%).
Nevertheless, the share retains undeniable value characteristics, as evidenced in the broker's DCF valuation, the analyst adds.
Invest Securities reiterates its buy rating on the stock, although has reduced its target price to 28.4 euros (vs. 30.4 euros).
The share is up almost 1.5% in early trading on Wednesday.
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