Shares in Prada fell 11.8 per cent on Monday despite the luxury goods maker posting its first annual increase in revenues since 2014, while CMB cut its price target for the company.
Prada’s Hong Kong shares were down as much as 12 per cent, slipping to a two-month low. Revenue for the 12 months to the end of December rose 2.8 per cent to €3.14bn as a turnround programme started to take hold. However, that came in short of a Refintiv poll forecasting €3.17bn.
China Merchants Bank cut its price target for the stock to HK$24.84 a share from $28.67, pointing to an unexpected rise in production costs and higher operating expenses.
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