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Salvatore Ferragamo: UBS maintains sell rating, raises TP

( - UBS maintains its "sell" rating on Salvatore Ferragamo, although has increased its target price from 12.
8 euros to 14 euros, with its new target price representing downside potential of 17% for the share of the Italian luxury shoes and accessories company.

"We stay cautious on SFER given muted brand momentum, and the extent of required investments not yet fully reflected in consensus", the broker says, for which 2023 will be "a crucial transition year".

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