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<Research>M Stanley Expects Miu Miu Rev. Growth to Further Slow Down, Drops PRADA (01913.HK) TP to $51
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Morgan Stanley issued a research report expecting PRADA (01913.HK) to be among the few personal luxury groups reporting continued slowdown in total sales and retail sales in 4Q25, despite being encouraged by the potential for sustained fundamental improvement for the Prada brand in 4Q25. This is because the broker anticipated a more pronounced slowdown in growth rate for its Miu Miu, with 4Q25 YoY growth expected to be only 17%, compared to 29% in 3Q25 and 49% in 1H25. Morgan Stanley believed that the upcoming wave of creativity poses a risk to the Group, as highly respected creative directors joined competitive brands, making it difficult for Morgan Stanley to see how Prada and Miu Miu can maintain growth momentum. Although the broker believed that the Group is well-managed and the stock is cheap, it has yet to see reasons why the Group will outperform other competitors in the coming months. Therefore, Morgan Stanley dropped its target price from $53 to $51, with rating at Equalweight. AASTOCKS Financial News Website: www.aastocks.com |
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