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<Research>Citi Raises PRADA (01913.HK) TP to $65.5, Lifts Earning Forecast
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In a research report released by Citi Research, the broker raised its forecast for PRADA (01913.HK) and raised its target price from $62.5 to $65.5, maintaining a Neutral rating, given an about 2% 1Q24 sales beat on stronger-than-expected Retail stemming from Europe/ Japan and respectable Miu Miu growth. Citi Research hiked its gross margin forecasts for 2024 and 2025 by 20 bps and 10 bps YoY to 80.6% and 80.7%, respectively, due to an improved channel mix and an 11% and 6% increase in opex in 2024 and 2025, respectively, which will prompt a rise of about 4% in EBIT and EPS forecasts for 2024 and 2025. The broker envisaged a strategic or financial update by the company later this year, given that the interim targets set out in November 2021 were achieved by 2023. In addition, a dual listing is "on the agenda but not a priority". AAStocks Financial News |
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