Salvatore Ferragamo: Goldman note boosts share price

(CercleFinance.com) - Salvatore Ferragamo climbed around 5% on Thursday on the Milan Stock Exchange, following a recommendation upgrade by analysts at Goldman Sachs.


The American investment bank explained that it had upgraded its recommendation on the Italian luxury goods house's stock, following its marked underperformance since the start of the year (-37%, compared with -5% for the rest of the sector).

Goldman adds that since the stock was placed on its Sell list in July 2021, Ferragamo's share price has fallen by 55%, compared with a 25% rise for the sector.

After such a downturn, the New York-based firm sees limited downside potential, and has therefore raised its recommendation from 'sell' to 'neutral'.

Its new price target of 9.1 euros even points to a potential upside of around 17%.

Copyright (c) 2024 CercleFinance.com. All rights reserved.