Inditex shares fall following Berenberg downgrade
Inditex shares fell by more than 2.5% on Friday morning to 29 euros after research analysts at Berenberg Bank lowered their ‘hold’ rating to ‘sell’.
The stock had closed at 29.755 euros on Thursday.
Berenberg Bank released a report on Thursday giving the Spanish retailer a negative valuation and lowering its target price from 35 euros to 24 euros.
The target price cut means more than a 30% decline in value for Inditex since September. Meanwhile, the new ‘sell’ rating means that the bank believes Inditex could see its shares fall by more 15% in the next 12 months.
On Friday morning, the group’s share price continued to fluctuate and held back the Ibex-35 – the benchmark stock market index of the Bolsa de Madrid, made up by the 35 most liquid securities traded on the Spanish Market.
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