Salvatore Ferragamo: at half-mast on brokers' comments
Barclays and UBS reaffirmed their unfavorable recommendations ('underweight' and 'sell'), with price targets lowered to 9.7 and 9.5 euros respectively, while Stifel, while remaining 'hold', reduced its target to 10.3 euros.
For the May 9 trading update, all three brokers anticipate double-digit organic sales declines for the first quarter (12% to 18%), pointing to weak demand, particularly in wholesale distribution.
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