Bernstein raises Moncler to 'outperform' on expectation reset

** Bernstein raises Moncler's MONC.MI rating to "outperform" from "market-perform," and confirms its PT of €57.50 ($65.93) per share, as expectations of sector and seasonal weakness have now been priced in

** The luxury firm's valuation hovers around historical lows - own 20% YTD after closing at €43.75 on Wednesday - mid softer sales during the summer and a broader sector slump

** "However, the magnitude of the de-rating from the year's peak is now broadly in line with historical seasonal drawdowns, suggesting much of the bad news is already reflected in the share price," the broker says

** Sales expectations have now adjusted accordingly, as the European warm weather that penalized the puffer jacket maker in Q2 stretches into Q3, adding pressure to the EMEA region

** Out of 27 analysts that cover Moncler, 15 rate the stock "buy," 11 rate it "hold" and one opts for a "sell" rating - LSEG data

($1 = 0.8721 euros)