Investing.com – Salvatore Ferragamo (BIT:) saw its stock market price fall to historic lows after UBS cut the target price on the stock from 9.5 to 9 euros per share with a “Sell” recommendation.
At 3 pm, the luxury company’s shares were trading at 8.3 euros, down 9% from 9.125 the day before, and during the session they fell to 8.15 euros per share, a level never reached before.
Analysts predict 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% annual), with a trend “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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