Zalando: shares slip after broker cuts target price

(CercleFinance.com) - Zalando shares are down 0.
4% at 33.2 euros on Wednesday after Morgan Stanley cut its target price for the share of the online fashion retailer by 12%.

The US broker - which maintains its "overweight" rating on the stock - has however cut its target price from 50 euros to 44 euros.

As the focus is "shifting" from topline growth to margin expansion at Zalando, Morgan Stanley said it is becoming more cautious about the shares, in particular citing higher logistics costs.


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