Zalando: shares drop after downgrade
(CercleFinance.com) - Shares of German online fashion retailer Zalando dropped 2.
6% to 26.6 euros on Tuesday after Morgan Stanley downgraded the stock from "overweight" to "equal weight."
The broker - which has also cut its target price on the share from 44 euros to 30 euros - believes the market's growth estimates are "too high."
"For the time being we see a risk of downgrades and now think the stock lacks upside catalysts in the medium-term," it wrote in a note to clients.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
6% to 26.6 euros on Tuesday after Morgan Stanley downgraded the stock from "overweight" to "equal weight."
The broker - which has also cut its target price on the share from 44 euros to 30 euros - believes the market's growth estimates are "too high."
"For the time being we see a risk of downgrades and now think the stock lacks upside catalysts in the medium-term," it wrote in a note to clients.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.