Moncler: shares drop after an analyst's downgrade
(CercleFinance.com) - Italian down jacket maker Moncler's shares are down as much as 4% on Thursday after an analyst downgraded it, saying it is "time to pause" after the share's recent strong run.
Jefferies lowered its investment rating on Moncler from "buy" to "hold," maintaining its target price at 37.5 euros.
While they reiterate their positive view on the group's operational performance and strategic initiatives, Jefferies analysts feel that the share's recent run has been "fast and furious."
"We continue to rate Moncler as best-in-class among peers but current valuation leaves limited upside on fundamentals in our view," they wrote in a report.
The Moncler share is currently down 3.5% at 36.6 euros on the Milan Stock Exchange on Thursday afternoon, having fallen as low as 36.4 euros earlier in the session. However, the stock is still up over 40% so far this year.
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Jefferies lowered its investment rating on Moncler from "buy" to "hold," maintaining its target price at 37.5 euros.
While they reiterate their positive view on the group's operational performance and strategic initiatives, Jefferies analysts feel that the share's recent run has been "fast and furious."
"We continue to rate Moncler as best-in-class among peers but current valuation leaves limited upside on fundamentals in our view," they wrote in a report.
The Moncler share is currently down 3.5% at 36.6 euros on the Milan Stock Exchange on Thursday afternoon, having fallen as low as 36.4 euros earlier in the session. However, the stock is still up over 40% so far this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.