Ferragamo falls after Jefferies initiates with 'underperform'

Salvatore Ferragamo

29/04/2026 08:54

** Shares in Italy's Salvatore Ferragamo SFER.MI are down 5.4%, after Jefferies initiates coverage of the fashion company with "underperform"

  ** The brokerage says the company is "structurally overvalued," despite under-exposure to China, underperformance in the U.S. and a slow margin recovery

** It notes that the Chinese market is an increasingly strong driver of luxury demand, and Ferragamo is said to be "poorly positioned" to benefit from it

** With no CEO in place, Jefferies sees no cohesion across the company's product and creative direction, therefore rating sales consensus as "too constructive"

** Expecting sales and operational results to under-deliver, Jefferies cuts its PT by 28% to 5.5 euros, compared to a last close of 7.65 euros

** Out of 15 analysts that cover Salvatore Ferragamo, two rate the stock "strong buy" or "buy,"​ nine rate "hold" and four​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Mirko Miorelli)

 ((Mirko.Miorelli@thomsonreuters.com))