Salvatore Ferragamo: shares up after Morgan Stanley upgrade

(CercleFinance.com) - Morgan Stanley has upgraded its rating on Salvatore Ferragamo from "underweight" to "equal weight," saying "a new chapter is starting" for the Italian luxury house.


"After four years of earnings downgrades, we expect like-for-like to turn positive and margins to stabilise in 2019, under the leadership of the new management team", the investment bank said.

Morgan Stanley has also lifted its target price for the share from 16.50 euros to 18.50 euros.

The Salvatore Ferragamo stock was up 2.8% at 19.40 euros in Milan after these comments.

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