Salvatore Ferragamo: stock down on broker's comments
(CercleFinance.com) - The Salvatore Ferragamo stock is down over 1% in Milan on Friday morning, weighed on by Credit Suisse comments, which reinstates its "underperform" rating on the share, having reduced its target price from 8.
4 euros to 7.5 euros, after the luxury footwear manufacturer's second quarter sales figures.
In its research note, the broker said that it is reducing its sales and operating profit estimates for 2021-22 by 6% and 16% respectively, "due to more cautious medium-term demand assumptions and currency".
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