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Investing.com - Bernstein SocGen Group upgraded Brunello Cucinelli SpA (BIT:BC) (OTC:BCUCF) from Market Perform to Outperform with a price target of EUR119.00.
The upgrade follows two short reports that questioned the luxury brand’s ethical identity and operations in Russia, which Bernstein says have been systematically addressed by the company.
Bernstein’s research found no violations of EU regulations, noting that investor concerns about Brunello Cucinelli allegedly selling current season products in Russian stores were clarified by the company’s confirmation that their directly operated stores remain closed in the country.
The firm explained that other criticisms regarding high inventories and discounts were previously identified by Bernstein in July as part of the "tensions that make Brunello Cucinelli’s business model unique."
Bernstein concluded there is "no material reason to imply reputational and multiple damage" for the Italian luxury brand, supporting its new Outperform rating.
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