BUZZ-Deutsche Bank bullish on European luxury stocks, upgrades Burberry, Inditex

Reuters12-02

BUZZ-Deutsche Bank bullish on European luxury stocks, upgrades Burberry, Inditex

** Deutsche Bank predicts a shift in market trends in 2025, with luxury stocks set to outperform retail and sporting goods after two years of underperformance

** Despite uncertainties, it predicts a shift from 'quiet luxury' as consumer confidence returns in China buoyed by stimulus

** It dismisses the US tariff impact on the luxury sector and expects the sector's margins to expand, barring UK retailers due to increased employment taxation

** Broker's most preferred stocks are Kering PRTP.PA, Burberry BRBY.L, Puma PUMG.DE, Zalando ZALG.DE and M&S MKS.L among others, expects benefits from China's recovery

** Its least preferred stocks are Moncler MONC.MI, AB Foods ABF.L, JD Sports JD.L and boohoo BOOH.L due to factors including increased competition and unadjusted market expectations

** It upgrades Burberry on a credible luxury turnaround story with scope for robust earnings momentum and a significant change in investor perception, and Inditex ITX.MC given the justified premium valuation due to higher price points

** It also upgrades Associated British Food considering most earnings downside risk factored in with current guidance, implying limited valuation downside

COMPANY	RATING	OLD RATING	PT	OLD PT
Associated British Food	Hold	Sell	GBp 2,290	GBp 2,200
Burberry	Buy	Hold	GBp 1,180	GBp 860
Inditex	Hold	Sell	EUR 54.00	EUR 41.00
Moncler		Hold	EUR 50.00	EUR 55.00
Zegna		Buy	USD 10.50	USD 12.00

(Reporting by Marta Serafinko in Gdansk)

((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))

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