(CercleFinance.com) – Berenberg announced on Friday that it had initiated coverage of the Hugo Boss stock with a buy recommendation and a target price of 57.8 euros.
The financial intermediary believes that the new strategy put in place by the German fashion group, combined with the refreshing of the brand, is bearing fruit by notably making it possible to attract a new type of consumer.
The analyst also praises the experience of the new management team, which he believes has a remarkable track record, and which has been able to instil a culture of growth by reinforcing the confidence and credibility of the market in the reality of a turnaround.
According to Berenberg, the clothing group is now well managed, with resources well invested, which has had the corollary of reviving interest in the brand.
‘While we are well aware of the risks of recession in the short term, the solid momentum enjoyed by the company in the immediate term as well as its obvious potential in the medium term lead us to adopt a favorable opinion on the stock’, he concludes.
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