Evli ups Marimekko to 'buy' on attractive valuation after raised guidance

Marimekko Oyj

15/09/2022 08:24

** Evli upgrades Finnish fashion company Marimekko to "buy"
from "hold" on attractive valuation, but cuts PT by 9% to EUR 12
to reflect the uncertain market environment
    ** Earlier this month, the group raised its target for long
term annual growth in net sales to 15% vs earlier view of over
10%  urn:newsml:reuters.com:*:nL8N30D15L
    ** The brokerage says it sees the growth target as somewhat
ambitious, especially during uncertain times that the western
economies are currently facing
    ** The margin target is within reach with the topline growth
continuing and investments in efficiency, the brokerage notes
    ** It adds that it sees the group as well positioned in
sustainability which is an ever-increasing trend in lifestyle
products
    ** "Moreover, Marimekko's strong brand supports the demand
for Marimekko products even during uncertain times," Evli says
    ** Out of 4 analysts covering the Finnish group, ​one rates
it "strong buy", one "hold" and two​ "strong sell/sell"
    

 (Reporting by Jagoda Darlak)
 ((jagoda.darlak@tr.com))