MS resumes Brunello Cucinelli at 'overweight' on 'structurally strong' growth history
Morgan Stanley resumes coverage of Italy's Brunello Cucinelli BCU.MI at "overweight" with PT of 95 euros ($112.59), sees group as "one of the structurally strongest growth stories in luxury"
Group's structural strengths remain "intact", as shown by recently reported Q4 sales and "solid" brand momentum, it says
Brunello Cucinelli set to outgrow the luxury sector again in 2026 through an expected 10% revenue growth at constant exchange rates vs 5-6% forecast for the sector, it notes
Concerns over the impact of Brunello Cucinelli's Saks Global exposure, standing at around 8% of its sales, is "likely overstated" and "should fade as restructuring clarity improves", it adds
Shares up 0.35% at 80.98 euros on Tues; down 18% YTD and 33% over one year
"The recent price dislocation represents an attractive entry point, rather than a reason to shy away from the premium multiple" - MS
Out of 14 analysts that cover Brunello Cucinelli, 8 rate stock "strong buy" or "buy", 6 hold - LSEG data
($1 = 0.8437 euros)
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