Hugo Boss: UBS still on hold

(CercleFinance.com) - UBS confirms its neutral recommendation on the stock, with an unchanged target price of E41, after its Q3 figures.


Q3 sales reached E1,029m, 1% above forecasts and UBS estimates, with organic sales growth (OSG) of +1% versus stable forecasts (UBSe +1%), UBS says.

Its Q3 gross margin was 60.2% (vs. 61.3% and UBSe 61.5%). Q3 EBIT came to E95m (vs. E91m, UBSe E93m), with an EBIT margin of 9.3% (vs. 8%), it adds.

We continue to see more downside risks in a context of low visibility, although this is largely reflected in the stock's valuation, the analyst says.


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