Hugo Boss downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Hugo Boss to Equal Weight from Overweight with a price target of EUR 45, down from EUR 65. The firm revisited its estimates and investment thesis ahead of Hugo Boss’ Q2 update due on August 1 and following “subdued messaging” from the firm’s luxury conference in May, telling investors that it expects the difficult demand backdrop to weigh on Hugo Boss’ B&M retail sales and likely trigger heightened operating expense deleverage.