Investing.com – Salvatore Ferragamo (BIT:) saw its stock price fall to an all-time low after UBS cut its target price on the stock from 9.5 to 9 euros per share with a “Sell” recommendation.
At 3pm the luxury company’s stock was trading at 8.3 euros, down 9% compared to 9.125 the day before and during the session it dropped to 8.15 euros per share, a level never reached before.
Analysts say that in a less than encouraging sector context, “the second quarter will continue to decline” for Ferragamo.
In detail, UBS estimates a turnover of 293 million euros in the second quarter (-6% per year), with a performance “improving compared to the first quarter but still among the weakest in the sector”.
Overall, the experts conclude, “We take an increasingly cautious view of the trend reversal trajectory, given the weakening of the trend” involving the luxury sector in general.
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