Inditex shares lost more than 2% on Tuesday on the Madrid Stock Exchange in the wake of cautious comments from Barclays analysts, who forecast a "solid, but not spectacular" quarter for the Spanish ready-to-wear group.

In a note released in the morning, the research firm said it expected the apparel giant's growth to decelerate in its first offset quarter, for which it will publish results on June 5.

Citing an unfavorable base effect and weak consumer demand, the analyst nevertheless expects the Zara owner's operating margin to have held up well in the quarter to the end of April.

In his view, it is unlikely that this publication will prompt analysts to revise their forecasts for the group upwards, given that the share is currently trading at levels in line with its historical valuation multiples.

Barclays, which maintains a 'weight online' recommendation on the share, still has a target price of 39 euros.

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