Black Thursday for Salvatore Ferragamo, who in a single day collects the downgrade of the English broker HSBC and Mediobanca, and sees the stock collapse on the stock market, losing in the late morning 4,68% at 16,3 euros per share, ranking at the bottom of the FTSE Mib, followed only by Montepaschi.
Pushing Ferragamo's stock down are the risks of a slowdown in wholesale sales and forecasts for a third quarter not up to par, especially in Asia, of the first two.
Hence the downgrades, with Hbsc which, after having focused in September on the growth in profits of the Italian luxury house by confirming the overweight and setting the target price at 21 euros, has now lowered the rating to neutral and the target price to 19 eurosthus causing the title to lose the prominent position it boasted together with Prada.
Similar speech for Mediobanca which, worried by the third quarter accounts, which indicate growth in Asia of 8% (against +26% in the first two quarters), revenues up by 10% to 266 million euro (against 20 % of the first six months) and a net profit down 4% year on year to 25,5 million euros, lowered the evaluation from outperform to neutral, setting the target price at 16 euros, from 18,7.
