(Corrects 4th paragraph to show Societe Generale cut, did not
raise, target price)
MILAN Jan 30 Shares in Tod's fell more
than 5 pct on Thursday after the Italian luxury shoemaker posted
full-year sales that missed analyst estimates.
The group said after Wednesday's market close that revenue
totalled 979.2 million euros ($1.34 billion) in 2013, compared
with a Thomson Reuters SmartEstimate of around 985 million
euros, hit by weak sales in its main market of Italy and a
change in strategy at its wholesale division.
"We believe the valuation looks stretched considering
on-going scope for further estimate downgrades. We therefore
remain cautious," said Cantor Fitzgerald analyst Allegra Perry.
Investment banks UBS, JP Morgan and
Barclays cut their price targets for the stock. Societe
Generale also cut its target price, with a "sell"
(Reporting by Isla Binnie; Editing by Francesca Landini)