Stock Track | Ermenegildo Zegna Stock Plummets 5.43% After BofA Downgrade

Stock Track09-23

Shares of Italian luxury fashion house Ermenegildo Zegna NV (NYSE: ZGN) plunged 5.43% on September 23rd, 2024, following a downgrade by Bank of America Securities.

According to reports, BofA Securities lowered its rating on Ermenegildo Zegna from Buy to Neutral, citing concerns over the company's growth prospects and valuation. The downgrade triggered a selloff in the stock, which closed at $8.58, down 5.43% from the previous trading day.

While the Italian fashion company has reported solid financial performance, with a return on equity of 13% and impressive earnings growth over the past five years, analysts at BofA Securities believe that much of the positive outlook is already priced into the stock. The bank has set a price target range of $9.80 to $17.01 for Ermenegildo Zegna.

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