** Deutsche Bank predicts a shift in market trends in 2025, with luxury stocks set to outperform retail and sporting goods after two years of underperformance
** Despite uncertainties, it predicts a shift from 'quiet luxury' as consumer confidence returns in China buoyed by stimulus
** It dismisses the US tariff impact on the luxury sector and expects the sector's margins to expand, barring UK retailers due to increased employment taxation
** Broker's most preferred stocks are Kering PRTP.PA, Burberry BRBY.L, Puma PUMG.DE, Zalando ZALG.DE and M&S MKS.L among others, expects benefits from China's recovery
** Its least preferred stocks are Moncler MONC.MI, AB Foods ABF.L, JD Sports JD.L and boohoo BOOH.L due to factors including increased competition and unadjusted market expectations
** It upgrades Burberry on a credible luxury turnaround story with scope for robust earnings momentum and a significant change in investor perception, and Inditex ITX.MC given the justified premium valuation due to higher price points
** It also upgrades Associated British Food considering most earnings downside risk factored in with current guidance, implying limited valuation downside
COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
Associated British Food | Hold | Sell | GBp 2,290 | GBp 2,200 |
Burberry | Buy | Hold | GBp 1,180 | GBp 860 |
Inditex | Hold | Sell | EUR 54.00 | EUR 41.00 |
Moncler | Hold | EUR 50.00 | EUR 55.00 | |
Zegna | Buy | USD 10.50 | USD 12.00 |
(Reporting by Marta Serafinko in Gdansk)
((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))
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