Very positive performance for Geox which in Piazza Affari just before midday gains around 7% to 3,28 euros with lively volumes (about three times the average of an entire session over the last 30 days).
The publication of the 2013 results pushed the stock, which analysts judge generally in line with expectations but in which they see encouraging signs for the future. Although a certain level of uncertainty remains, the market seems to appreciate the actions undertaken by management to relaunch the group.
“It is still a gamble but the fundamentals are, in part, improving”, commented Banca Akros in the daily note. For Equita the 2013 results are “in line with expectations. Some uncertainty remains, but encouraging messages are also emerging".
A broker has raised the target price to 2,4 from 2 euros by attributing a 30% probability of success (previously it was zero) to management objectives, but maintains the "reduce" rating.
Yesterday, after the market was closed, Geox announced its annual results, which showed a net result in the red and revenues down by 6,6%, in line with company estimates, penalized by the economic situation. However, for 2014 revenues are expected to grow to approximately 800 million and breakeven at an operating level.
