Zalando assumed with a Buy at Jefferies

Jefferies assumed coverage of Zalando (ZLNDY) with a Buy rating and EUR 33 price target The firm sees Zalando as a “top-class operator” in European online clothing retail. While the company’s sales momentum will well-understood, consensus estimates do not not adequately account for potential for margin expansion through increasing fulfillment capacity utilization, the analyst tells investors in a research note.