BofA downgraded Ermenegildo Zegna (ZGN) to Neutral from Buy with a price target of $11.20, down from $11.50. Following the stock’s 34% re-rating in 2025, it now trades at 25-times 2026 price-to-earnings, the analyst tells investors in a research note. The firm believes Zegna needs revenue beats and earnings upgrades to continue to outperform from here. This is not BofA’s base case as its estimates are below consensus.
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