Telsey Advisory raised the firm’s price target on Inditex to EUR 45 from EUR 40 and keeps a Market Perform rating on the shares following Q4 results that showed a modest acceleration sequentially, further supported by greater expense leverage than expected. While the firm continues to view Inditex as “a best-in-class operator” outperforming peers, persisting macro and inflationary pressures that weigh on the company’s exposure to a middle-income consumer lead the firm to maintain a Market Perform rating.
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