花旗：降普拉达目标价至52港元 维持“中性”评级

Group 1 - Citi's report indicates no significant changes to Prada's revenue, EBIT, and earnings per share forecasts for fiscal years 2025, 2026, and 2027 [1] - The target price for Prada has been lowered from HKD 53.8 to HKD 52, maintaining a "Neutral" rating [1] - For Q4 of fiscal year 2025, 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] Group 2 - Retail sales by brand are projected to remain flat for Prada (down 1% in Q3) and increase by 20% for Miu Miu (up 29% in Q3) [1] - EBIT for the second half of the year is expected to decrease by 3% to EUR 685 million, with EBIT margin narrowing by 100 basis points to 23.4% year-on-year [1]