In a report released yesterday, Alberto Francese from Intesa Sanpaolo maintained a Hold rating on Zignago Vetro SpA (0NNC – Research Report), with a price target of €10.00.
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Alberto Francese has given his Hold rating due to a combination of factors affecting Zignago Vetro SpA. The company experienced a weak start to the year, with a decline in revenues and EBITDA in the first quarter of 2025. This was primarily due to mixed demand across different sectors, with higher demand in Food & Beverage but continued weakness in Cosmetics and Perfumery. Additionally, the company faced challenges from energy costs and inventory reductions, which further impacted profitability.
Looking ahead, there are expectations for improvement in demand and profitability in the upcoming quarters. The normalization of energy costs and the anticipated recovery in the Cosmetics and Perfumery sectors are positive signs. However, uncertainties remain, particularly regarding the evolution of US duties on European products. Given these mixed signals and the adjustments in earnings estimates, Francese has opted for a Hold rating, reflecting a cautious outlook amidst a complex market environment.