(CercleFinance.com) – The stock is penalized today by two negative analyses. The value loses more than 3%.
While reiterating its ‘weight in line’ recommendation, Barclays lowers its price target on Tod’s from 36 to 34 euros, in view of its activity point for the third quarter, scheduled for November 8 after the close of the markets.
Ahead of this publication, the broker updates its estimates for the Italian luxury shoe maker, now only expecting sales growth of 3% at constant exchange rates, down from 13% previously.
Stifel, for its part, maintains its ‘hold’ recommendation on Tod’s with a price target lowered from 43 to 40 euros, to take into account a 2% reduction in its 2023-25 EBIT projections for the Italian shoe manufacturer. luxury.
‘Tod’s benefited from its overexposure to fast-growing markets in the first half of the year, namely Europe and China, as well as low expectations regarding its growth and profit recovery profile,’ the broker points out.
But with tailwinds in these markets normalizing and macro uncertainty for the first half of 2024 rising, Stifel now sees ‘limited upside risk to Tod’s profits and greater upside potential elsewhere in its coverage’.
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