Deutsche Bank lowered the firm’s price target on Ermenegildo Zegna (ZGN) to $9 from $11.50 and keeps a Buy rating on the shares. The firm says it is no longer clear that Q3 of 2024 “was the nadir” for luxury demand. The luxury recovery in Q4 “now looks likely to be the anomaly and not the trend,” the analyst tells investors in a research note.
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