By Jeffrey T. Lewis
SÃO PAULO–Shares of Grupo de Moda Soma SA rose 2.9% after an analyst report from XP Investimentos said the Brazilian clothing retailer has greater-than-expected synergies and growth potential.
The shares rose to 15.63 reais, the equivalent of $3.30. The shares are up about 20% since the start of this year
Soma said at its investor day on Wednesday that it has potential synergies from sales and contribution margin of about 2 billion reais to about 3.5 billion reais by 2026 from its Hering brand, which was acquired by the group last year, according to analysts at brokerage XP Investimentos.
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XP said that was more than its analysts expected before the investor event.
Soma’s expectations for the growth of its Farm Global brand are also more optimistic than XP had estimated, based on the clothing seller’s plans to expand in the US and Europe and eventually in Asia.
Write to Jeffrey T. Lewis at [email protected]
Credit: www.marketwatch.com /