Inditex is down by more than 1% and is thus underperforming the trend in Madrid, following a recommendation downgrade by UBS from 'buy' to 'neutral', despite a price target raised from 40 to 47 euros.

The broker considers that "the exceptional model and strong momentum" of the Spanish textile group, which operates the Zara, Pull & Bear and Massimo Dutti brands, "are better reflected in the share price".

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