Ermenegildo Zegna price target raised to $10.40 from $8.90 at BofA

BofA raised the firm’s price target on Ermenegildo Zegna (ZGN) to $10.40 from $8.90 and keeps a Buy rating on the shares after Zegna reported Q4 organic revenue growth of 3% following three quarters of decline. Trends across all brands and regions improved sequentially and beat expectations, notes the analyst, who views this as “a result of hard work done across the portfolio.” With greater visibility to revenue reacceleration, the firm thinks shares should further re-rate, the analyst added.