Tod's: Bryan Garnier maintains sell rating.

(CercleFinance.com) - Bryan Garnier is maintaining its "sell" rating on Tod's and has cut its fair value for the stock from 63 euros to 55 euros, after cutting its 2016-19 earnings estimates for the luxury Italian group by 15%.


While the manufacturer of upmarket footwear, clothing and accessories is set to publish its H1 results after the market closes on 3 August, the broker is "quite cautious" before this publication.

"We anticipate a new disappointment both at top line and margin with implications for FY assumptions," Bryan Garnier warns in its research report.


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