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Investing.com - Brunello Cucinelli SpA (BIT:BC) (OTC:BCUCF) shares have fallen nearly 20% following a short thesis from Morpheus Research, but JPMorgan has maintained its Overweight rating and EUR125.00 price target on the luxury fashion company.
The short thesis, which JPMorgan notes is similar to one circulated earlier this summer from hedge fund Pertento, claims the company continues to operate in Russia despite EU sanctions and is using deep discounts to clear excess inventory.
Brunello Cucinelli has issued an official response stating it operates in compliance with EU guidelines, with the Italian Customs Agency confirming full compliance with procedures. The company also clarified that Russian sales now represent just 2% of total revenue.
JPMorgan analyst Chiara Battistini characterized the stock’s pullback as "overdone" and views current price levels as "an attractive entry point" ahead of Brunello Cucinelli’s third-quarter trading update scheduled for October 16.
The upcoming trading update is expected to confirm the brand’s "solid momentum" and will likely address investor concerns regarding the allegations in the short thesis, according to JPMorgan.
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