Prada's Namesake Brand Shows Resilience but Questions Persist
Dow Jones10-22
1521 GMT - Prada's main brand is showing strength, but the company still has more to prove, analysts at Citi say in a research note. The Italian fashion house said sales were flat in the third quarter. Prada recorded a 1% increase on year, while Miu Miu posted a 3% drop. A slight revenue beat at the group's namesake brand should be well received despite Miu Miu turning negative for the first time since the pandemic, the analysts say. "A sustained reacceleration at Prada, stabilization at Miu Miu and greater visibility on Versace's path to profitability are likely required for a more constructive investment case," they add. Citi maintains its neutral rating on the stock. Shares closed at 38.60 Hong Kong dollars.
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