While maintaining its 'neutral' opinion on Moncler, Oddo BHF has raised its price target from 63.3 to 65.2 euros 'to reflect more favorable market parameters (in particular, beta coefficient reduced from 1.28 to 1.24)'.

The research firm notes that the share has posted one of the best performances in the sector since the start of the year, and is now trading at a 5% premium to the sector benchmark LVMH on the basis of P/E and EV/EBIT multiples.

These factors lead us to adopt a cautious stance, as Moncler is unlikely to maintain strong growth over the rest of the year, while Stone Island remains in a repositioning phase", he warns.

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