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Tod's: Jefferies cuts target price

( - Jefferies reinstates its "underperform" rating on the Tod's share and has cut its target price from 32 euros to 27.
5 euros, in the wake of its estimates following on from the Italian shoe maker's last trading update.

"In H1 an accelerated investment plan to try and reinvigorate topline caused a sharp fall in margins which will persist through H2 and FY20," the broker warns.

Jefferies has reduced its estimates for operating profit by 66% for 2019, followed by 44% for 2020 and by 18% for 2021. "Lack of clarity on strong share performance is unhelpful and spikes implied volatility," it continues.

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