Hugo Boss is down nearly 4% in Frankfurt, as Deutsche Bank confirmed its 'buy' recommendation on the stock earlier today, while lowering its target price from 76 to 70 euros, appreciating the case for structural investment, but judging that 'the short-term outlook remains difficult' for the group.

"We believe that Hugo Boss' communication has been very consistent since the release of the first quarter, but have had the impression that the negative elements of the comments have been highlighted a little more recently", explains the broker.

In addition, he noted that the German clothing house "must have become a little more promotional during the month of June, as large parts of the product range were discounted for most of the month".


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