The German bank’s analyst also increased Superdry’s price target to 1,610p from 1,430p
In a note to clients, analysts said that concerns around its store like-for-like performance and its brand health have driven a de-rating of over seven PE points since January, but de-rating is overdone and valuation is now attractive.
The analysts think that with double-digit profit growth forecast as well as a long-term global opportunities, Superdry’s investment thesis is far more exciting.
“We believe now is an attractive entry point into a story with self-help opportunities, margin expansion potential and strong cash generation,” the analysts said.
In late morning trading, Superdry’s shares rose 1.4% to 1,363.00p