Ermenegildo Zegna initiated with a Hold at TD Cowen

TD Cowen analyst Oliver Chen initiated coverage of Ermenegildo Zegna (ZGN) with a Hold rating and $10 price target Zegna is a multi-brand menswear focused company that is increasing penetration in women’s and accessories at Thom Browne and Tom Ford, the analyst tells investors in a research note. The firm wants to monitor the company’s progress in fiscal 2025, which it views as an investment year “that yields headwinds” to management’s prior issued long-term targets. TD will be watching Zegna’s store productivity and merchandise changes in the portfolio.