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Salvatore Ferragamo: Jefferies upgrades stock

( - Jefferies has upgraded its sell rating on the share of the Italian luxury goods group Salvatore Ferragamo to hold, with a target price of 11 euros (current share price about 12.
7 euros, soaring over 13% on Thursday).

"We upgrade the stock to Hold given the current share price is aligned to our PT," the analyst said.

"We also note the appointment of former CEO Michele Norsa to the role of Executive Deputy Chairman as well as chairmanship of the Executive and Brand & Product Committees. In our view, CEO in all but name. Given his background, this has significant implications for the future shareholdership of the Company," the broker adds.

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