Marimekko: Extends gains post reinstated guidance

Marimekko Oyj

21/09/2020 09:15

** Shares in Finnish fashion company Marimekko  MMO1V.HE 
are up 3% following a 9% rise on Friday after the company 
reinstated its FY 2020 guidance  urn:newsml:reuters.com:*:nFWN2GF009  urn:newsml:reuters.com:*:nL8N2GF1HR
    ** The new guidance prompted a rating change to "buy" from
"hold" and price target increase by 31% to EUR 42 by Evli     
    ** The brokerage upgrades its 2020 sales expectations by
about 2% and its adjusted EBIT estimate by about 21%
    ** Inderes also hiked its price target (rating "increase"),
by 21% to EUR 40, and raised its EBIT estimate for 2020 by 40%
and for 2021-2022 by 10-20% 
    ** Renewed interest in the brand, good pricing power and a
cost-saving program have kept profitability strong; looking at
the company's earnings development, it seems like there was no
pandemic at all, Inderes says


 ((joanna.wodzicka@tr.com, milla.nissi@tr.com))