Moncler Hold Rating: Premium Valuation and Wholesale Sector Rationalization Limit Upside Potential

Stifel Nicolaus analyst Rogerio Fujimori has maintained their neutral stance on 0QII stock, giving a Hold rating on February 14.

Rogerio Fujimori has given his Hold rating due to a combination of factors related to Moncler’s current market position and financial outlook. Despite raising the EBIT forecasts for 2025 and 2026 by 5% and 3% respectively, based on a strong sales performance in 2024 and anticipated stable margins, the stock’s premium valuation at 27 times the 2025 price-to-earnings ratio suggests limited potential for upside. This valuation is slightly above its historical average, indicating that the market may have already priced in much of the expected growth.
Additionally, while Moncler continues to perform well in the Asia Pacific region and maintains strong brand appeal, particularly with its knitwear line and upcoming Genius collaborations, the anticipated rationalization in the wholesale sector is expected to temper growth in 2025. The Stone Island brand is also expected to grow at a slower pace compared to Moncler, which adds to the cautious outlook. Consequently, the analyst perceives the stock as fairly valued at present, justifying a Hold recommendation.

In another report released on February 14, Barclays also maintained a Hold rating on the stock with a €56.00 price target.