BofA upgraded Ermenegildo Zegna (ZGN) to Buy from Neutral with a price target of $8.90, down from $9.40. Zegna “remains one of the more undervalued stories in luxury,” argues the analyst, who thinks the market remains “quite complacent” around the shift in the geographic revenue mix that happened at Zegna and Zegna brand outperformance in developed markets.
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