Oddo BHF maintains its 'neutral' rating on Moncler shares, with a price target lowered from 53.9 to 53 euros.

Oddo BHF reports that Moncler is reassuring about the brand's medium-term growth prospects, insisting on well-identified growth axes for the coming years.

Our EBIT forecast for 2024 reflects a margin of 29.1% (29.3% prev.), compared with 30% in 2023. As for 2025, we are counting on 5.2% growth for the Moncler brand (DTC +6.9% wholesale -5.1%), i.e. +5.2% for group sales (we had previously forecast +9% for Moncler DTC)", says the analyst.

Beyond the generic objective of expanding its ready-to-wear footprint, the Group intends to ensure the growth of the Moncler brand over the next 3 to 5 years by focusing its efforts on 3 axes now considered priorities, namely the USA, Grenoble, and the spring collections, i.e. the new growth triptych.

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