Moncler: Oddo BHF lowers its target price slightly

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Moncler shares, with a price target lowered from 55 to 53.
9 euros.

The analyst points to a sharper-than-expected slowdown in Q3.

Indeed, 'Q3 sales at 635.5 ME mark a further slowdown, with y/y cc growth now negative at -3%, we were expecting c.-1% on the basis of Q3 sales forecast at 648.5 ME', he points out.

In this context, Moncler remains cautious on Q4 (difficult 2023 basis of comparison) and does not perceive any clear change in trend at the start of the quarter.

'We are expecting Moncler Q4 DTC growth at +1% (3% prec.), i.e. total group sales growth at 0% (2% prec.).) On this basis, we now expect a FY 2024 EBIT margin of 29.3% (29.4% prev.)', stresses the analyst firm.

'The slowdown visible on the Moncler brand over the last 6 months certainly reflects less favorable overall demand for luxury products, but nevertheless raises questions about the group's intrinsic growth potential over the next few years', concludes Oddo BHF.


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