Oddo BHF maintains its 'neutral' opinion on Moncler, with the potential gain reflected in its new price target for the Italian winterwear house, lowered from €69 to €65, remaining within the average of its coverage sample.

Noting that the share's performance since the start of the year has slumped significantly in recent weeks, the analyst believes that the stock now reflects a more substantial premium (around 5%) in terms of multiples compared with LVMH.

Against a backdrop of now-slowing growth and citing a very difficult basis for comparison in the fourth quarter, Oddo BHF is lowering its forecasts for Moncler and incorporating less favorable market parameters.

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