Tod's: Jefferies cuts target price
(CercleFinance.com) - Jefferies has cut its target price for Tod's from 34 euros to 32 euros, seeing "no happy ending in sight yet" for the Italian luxury shoemaker.
The broker - which maintains its "underperform" rating on the share - said that it has lowered its estimates on the company after a "painful" first-quarter and a tempering in guidance from the management team.
"We also take into account a slightly improved cash position due the profitable sale of Japanese RE," Jefferies said in a note.
Tod's shares are currently trading up 1% at 42.7 euros, in a weak Milan market.
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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.
The broker - which maintains its "underperform" rating on the share - said that it has lowered its estimates on the company after a "painful" first-quarter and a tempering in guidance from the management team.
"We also take into account a slightly improved cash position due the profitable sale of Japanese RE," Jefferies said in a note.
Tod's shares are currently trading up 1% at 42.7 euros, in a weak Milan market.
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.