Inditex intenta para el golpe en Bolsa con los analistas divididos

Inditex aims for a stock market breakthrough as analysts offer divided opinions. Following a sharp 3.61% drop on Wednesday following the presentation of the second-quarter results, the stock rebounded by 0.18% to 54.58 euros. This minor recovery brought the textile group's cumulative loss for the year to 3.12%. Although investors took a more measured view of the results, the stock closed away from its daily high of 55.3 euros, demonstrating that the market remains digesting the results, which exceeded expectations in sales but disappointed in profit due to rising operational costs caused by the complex geopolitical environment.

Deutsche Bank analysts state that the results are not a fundamental change in Inditex's investment history, but warn that future margin growth will be more modest. The Spanish group has confirmed its full-year forecasts, aiming to increase its gross commercial area by 5%, expecting a negative impact of 1% on sales due to exchange rates and a stable gross margin.

Analyst opinions on the company's accounts are divided. Bankinter, the skeptical side, has lowered its recommendation on Inditex to neutral, arguing that no catalysts for multiple expansion are detectable in an adverse environment with rising risks. Despite this, Bankinter notes that Inditex's differentiated, resilient model, difficult to replicate, remains superior to its competitors and assigns an objective value of 60 euros per share, representing a 10% upside from Wednesday's close.

Only one analyst, Mediobanca, values Inditex lower at 53 euros. The most optimistic view comes from Jefferies, which values the Spanish group at 67 euros, despite the group's EBIT underperforming estimates at the end of the second half. While the above-expected increase in operational expenses has surprised the market, many analysts still see the glass half full at the market.

Javier Cabrera of XTB recalls that global inflation has accelerated throughout the year due to the war in the Middle East, and BofA analysts also give a confident vote on the stock, highlighting that the best growth expectations outweigh the cost pressures, leading to a slight increase in their earnings per share (EPS) forecasts for 2027-2029.

Additionally, BofA focuses on Inditex's upcoming surface expansion plan for the next three years, which they expect to continue the 5% annual compound growth rate in gross area projected for 2025-2027, potentially supported by the expansion of smaller concepts such as Lefties, Bershka, Stradivarius, and Oysho. BofA recommends buying the stock with an objective price of 65 euros.

Sabadell Bank analysts also emphasize that early signs of sales growth in the beginning of the third quarter indicate a slight acceleration compared to the slower growth rate in the latter part of the quarter, reflecting the positive reception of the new collection.