Ermenegildo Zegna upgraded to Conviction Buy from Buy at Goldman Sachs

Goldman Sachs upgraded Ermenegildo Zegna to Conviction Buy from Buy with a $19 price target. The firm made the change as part of its “European Conviction List – Directors’ Cut” changes on March 1. It sees Zegna as a “multiple re-rating story, supported by an underappreciated skew towards the high-end Luxury customer as well as upside to earnings growth from the Tom Ford integration.”