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Salvatore Ferragamo: Stifel on hold

( - Ferragamo will publish its Q1 sales on 20 April.

Before this publication, the analyst confirms his hold rating on the stock with a target price of E16.

Stifel expects a weak result, with organic net sales down 4% at 279 million euros, 8% below the BBG and VA consensus.

Analysts believe that the sequential improvement in the organic sales trend expected in the important retail channel (from -6% in Q4 to -1% in Q1) is just a minor positive, and should be read in the context of relative underperformance versus peers, showing that the turnaround has not yet borne fruit.

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