Moncler: shares fall after downgrade
(CercleFinance.com) - Moncler shares are down over 2.
5% on Tuesday after Berenberg downgraded its rating from "buy" to "hold," citing the Italian down jacket maker's current valuation.
In a note to clients, the broker said that Moncler's full-year 2018 revenues, which it reported last week, were significantly ahead of expectations.
"However, with the shares currently trading at our price target, we believe there is limited upside to the stock in the near term," Berenberg said.
However, the broker has nudged up its corresponding target price from 36 euros to 37 euros.
Moncler shares were down 2.6% at 36.1 euros in morning trading on the Milan Stock Exchange. The stock is hence underperforming a 0.1% rise in the FTSE MIB index.
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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.
5% on Tuesday after Berenberg downgraded its rating from "buy" to "hold," citing the Italian down jacket maker's current valuation.
In a note to clients, the broker said that Moncler's full-year 2018 revenues, which it reported last week, were significantly ahead of expectations.
"However, with the shares currently trading at our price target, we believe there is limited upside to the stock in the near term," Berenberg said.
However, the broker has nudged up its corresponding target price from 36 euros to 37 euros.
Moncler shares were down 2.6% at 36.1 euros in morning trading on the Milan Stock Exchange. The stock is hence underperforming a 0.1% rise in the FTSE MIB index.
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.