In a report released today, David Hayes from Jefferies maintained a Buy rating on Intercos S.p.A., with a price target of €15.30.
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David Hayes has given his Buy rating due to a combination of factors reflecting both resilience in current results and confidence in the outlook. Intercos reported first-quarter EBITDA of €25.0 million, surpassing both market and in-house expectations despite a roughly 9% revenue decline, and maintained solid margins even under sales deleverage, which he interprets as evidence of operational strength.
He also notes that management kept its full-year guidance for 5–6% reported sales growth intact and continues to highlight a steady rebound in the global beauty market, including encouraging trends in the U.S., supported by robust order intake. While the departure of the CFO introduces some governance questions, Hayes appears to view this as manageable relative to the company’s earnings resilience and improving demand backdrop, justifying a reiterated Buy rating and an unchanged €15.30 price target.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ICOS in relation to earlier this year.