NEW YORK (dpa-AFX Broker) - U.S. investment bank Bank of America (BofA) has double upgraded Zalando from "underperform" to "buy" and almost tripled its price target from 17 to 50 euros. After a year and a half of caution, the analyst team led by Geoffroy de Mendez is once again optimistic about online fashion retailers and recommends buying all industry stocks under its coverage. With the sharp drop in expectations, the sector is now attractively valued, with the opportunities outweighing the downside. 2023 is unlikely to bring much revenue growth, but all companies have understood the problem and are now fine-tuning costs and the balance sheet./tav/ajx

Original study publication date: Jan. 20, 2023 / 00:30 / EST

First disclosure of the original study: 20.01.2023 / 00:30 / EST