Geox rises after figures show strong sales growth in 2022
03/02/2023 11:22
** Shares in Italy's Geox GEO.MI rise as much as 4% as
investors bet on the shoemaker's recovery after it reported
strong full-year sales on Thursday
** The stock is on its highest levels since the end of
February last year
** The group's prelim. sales increased by 21% to 735.5
million euros in 2022
** Intesa Sanpaolo keeps an "add" rating on the stock and
upgrades the target price to 1.1 euros from 0.95 euros
** It also ups 2022-24 estimates on sales by 4.3% on
average, lifting 2024 estimates on EBIT margin to 5.3% from 4.4%
** The broker says Geox's strong results in the last quarter
proved its ability to meet its 2022-24 business plan sales and
profitability recovery targets
($1 = 0.9152 euros)
(Reporting by Alessandro Parodi)
((alessandro.parodi@thomsonreuters.com))