大行评级丨花旗：下调普拉达目标价至52港元 预计Q4销售额按报告计下降1%

Core Viewpoint - Citi has lowered the target price for Prada from HKD 53.8 to HKD 52, maintaining a "Neutral" rating [1] Sales Forecast - For the fourth quarter of fiscal year 2025, Prada's sales are expected to grow by 6% year-on-year at constant exchange rates, but report a decline of 1% to EUR 1.59 billion [1] - Retail sales by brand are projected to remain flat for Prada year-on-year (down 1% in Q3), while Miu Miu is expected to grow by 20% year-on-year (compared to 29% growth in Q3) [1] EBIT and Profit Margin - EBIT for the second half is anticipated to decline by 3% year-on-year to EUR 685 million [1] - EBIT margin is expected to narrow by 100 basis points year-on-year to 23.4% [1]