Tod's: UBS maintains 'sell' rating, but ups price target.

(CercleFinance.com) - UBS is maintaining its "sell" rating on Tod's, but is raising its target price for the share from 43 euros to 47 euros.


In a research note issued this morning, the broker said that the market appears to be "too optimistic" about a turnaround in growth.

While Tod's share price has increased by 11% year-to-date - in line with the sector, on the back of improving trends - UBS sees the shares as now pricing in an over-optimistic mid-term rebound for both its revenues and margin.

UBS says its cautious stance is in particular driven by results from its UBS Evidence Lab Survey, which shows that the brand is ranked weaker than peers amongst Chinese consumers.

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