Glonghui, May 11 | Citigroup released a research report saying that due to stronger than expected retail sales in Europe and Japan and Miu Miu's strong growth, Prada's sales for the first quarter of 2024 were about 2% higher than expected, so the company's forecast was raised. The target price was raised from HK$62.5 to HK$65.5, maintaining a “neutral” rating. According to the report, the retail trend in April was consistent with the first quarter of 2024. Due to Miu Miu's high retail assumptions, the bank raised the Group's revenue growth forecast for FY2024 by 13% based on a fixed recovery rate, and remained largely unchanged for FY25. Coupled with the reduction in foreign exchange adverse factors, this contributed to an increase of about 3% in the company's group revenue in fiscal 2024 and 2025. The bank said that it raised the company's gross margin forecast for the current and next two fiscal years by 20 and 10 basis points to 80.6% and 80.7%, respectively, mainly due to improved channel mix and 11% and 6% increase in operating expenses for the 2024 and 2025 fiscal years, respectively. This will lead to an increase of about 4% in the profit before interest and tax and earnings per share forecast for fiscal year 2024 and fiscal year 2025. As the mid-term targets proposed in November 2021 have been met in 2023, the bank expects a strategy or financial update later this year. Furthermore, dual listing “is on the agenda, but it is not a priority.”