Can Zalando stock keep the momentum? – Idaho Reporter

Eurozone

Can Zalando stock keep the momentum?

Surprisingly optimistic statements on business in the second quarter drove Zalando (ETR:ZAL) stock on Thursday again towards a record high. On the trading platform Tradegate, the shares of the Internet fashion retailer gained 5.6 percent at the close of Xetra to EUR 63.69. The record high reached only in the middle of last week is 66.02 euros.

The Internet fashion retailer expects significant increases in sales and operating profit in the middle of the Corona crisis. Zalando is considered a crisis winner in Corona times. Online purchases are booming. Experts assume that this trend will intensify again.

The previous day, Zalando shares had already risen by two and a half percent in the wake of high price gains by British rival Boohoo who had also convinced with his quarterly figures.

Analysts now responded positively to the Zalando statements. Hauck & Aufhäuser upgraded the shares from “Hold” to “Buy”. RBC raised the target price to EUR 73. Baader Bank remained at its price target of EUR 75 and, following the “very strong growth indicators for the second quarter”, believes that the annual targets may be raised

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