Positive Buy Rating for Ermenegildo Zegna Driven by Strong DTC Growth and Stock ValuationWe forecast +2.2% organic revenue growth for the group, with +8% in DTC, which is inline with 2Q25, and -19% in wholesale, which will be double-digit negative across all three brands. By brand, we model both Ford growing at +3% organic, -3% organic. We note that whilst group comp is 6ppt easier in 3Q, it is largely on wholesale, and key Zegna retail does not benefit from an easier comparison base this quarter. As a result, we model Zegna DTC +7% inline with 2Q25. We reiterate our Buy rating with PO of $10, which after last week’s sell-off implies 13% upside and 19x EPS CAGR. We tweak our EPS estimates for 2026-27E on FX & financial charges.