Barclays reaffirms its 'Underweight' recommendation on Salvatore Ferragamo, with a price target lowered from 12 to 9.7 euros, ahead of the Italian luxury footwear house's first-quarter trading update, scheduled for May 9.

We expect the brand to remain under pressure, with an 18% organic decline in sales, driven by weaker demand, particularly in China, and by weakness in wholesale distribution", explains the broker in the summary of its note.

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