A day to forget in Piazza Affari for the World Duty Free title, which at the end of the morning left more than four percentage points on the field, at 10,32 euros, recording the worst drop of the entire Ftse Mib.
The American banking giant triggered the sales on the shares of the Autogrill spin-off company Citigroup, Which has downgraded Wdf stock rating from buy to neutral, while raising the target price to 11,3 from 9,3 euros.
The broker believes that tensions in emerging markets could translate into lower spending power for passengers from those regions.
Citigroup also points out that, after the stalemate of the offer for the concessions at Singapore airport, it sees no room for new large concessions or acquisitions.
“We believe WDF is unlikely to remain an independent company for long, but we see WDF as more of a prey than a predator,” the broker adds.
In any case, the World Duty Free stock continues to gain almost 11% on average over the last month.
