Bryan Garnier - Specialized Retailing Impact of second lockdown on specialized retailers

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Bryan Garnier

Clement Genelot

Specialized Retailing Impact of second lockdown on specialized retailers

Specialized Retailing
Impact of second lockdown on specialized retailers

Why this new lockdown will be less harmful than the first one
But a logistic under pressure could impact the profitability
No cash issues but investors’ perception to remain poor until Christmas
Fnac Darty – Neutral reiterated – TP lowered from EUR48 to EUR45
Ceconomy – Buy reiterated – TP EUR6
Maisons du Monde – Buy reiterated – TP lowered from EUR16 to EUR15
Roche Bobois – Buy reiterated – TP EUR22
Zalando – Conviction Buy reiterated – TP EUR95

02/11/2020 5 EN

Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Clement Genelot

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Specialized Retailing Impact of second lockdown on specialized retailers

Cinclus Pharma: Q2 driven by BD progress, Phase 3 trial nearing initiation

Egetis: Submits pre-NDA meeting, positive recruitment update

Faron: Positive FDA feedback sends BEX into a registrational phase 2/3 study

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