Inditex shares fall following Berenberg downgrade

By

Elena Campos Valladares

Translated by
Barbara Santamaria

Published
Nov 17, 2017

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.