Jefferies analyst Bhumi Kanabar initiated coverage of Ermenegildo Zegna (ZGN) with a Buy rating and $12.90 price target The stock is valued at 18-times earnings, which is in line with normal luxury stocks despite being closer in nature to ultra-luxury stocks, which are valued at 38-times, the analyst tells investors in a research note. The firm anticipates above-consensus organic growth on sales density improvements driven by ultra-lux-geared Made-To-Measure & Top Of Pyramid products, supporting strong margin expansion, Jefferies added.
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