Ermenegildo Zegna price target lowered to $13.50 from $14 at UBS

UBS lowered the firm’s price target on Ermenegildo Zegna to $13.50 from $14 and keeps a Neutral rating on the shares. While UBS sees the medium-term potential of the group’s brands, the short-term uncertainty due to slowing Chinese demand suggests the group would need other clusters to accelerate meaningfully to support the topline, which appears less likely in this environment, the analyst tells investors in a research note.