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Morgan Stanley

Start of Coverage: 01-10-2019

Resume of the last report made by this analyst

We have updated our estimates post 1Q20 update in which the company withdrew its full year guidance. We have lowered the expansion in stores and this leads to less revenue momentum. We have also incorporated higher cash costs linked with management of the Coronavirus outbreak. Those changes are the drivers behind our price target decline.

Analyst: Maria-Laura Adurno


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