(Corrects 4th paragraph to show Societe Generale cut, did not raise, target price)
MILAN, Jan 30 (Reuters) - 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” rating. (Reporting by Isla Binnie; Editing by Francesca Landini)