RBC: Moncler Enters H2 With 'Balanced' Setup Amid 'Soft' Q3 Expectations

07:29 AM EDT, 09/23/2026 (MT Newswires) -- RBC Capital Markets reduced its price target and earnings forecasts for Moncler (MONC.MI), noting a "soft" third quarter and a "balanced" risk/reward profile for the Italian luxury fashion group. "Moncler enters 2H26E with a balanced set-up, underpinned by its historic track record of delivering in peak trading, partially offset by tough comparatives and a likely soft 3Q26E based on management commentary on June/July exit rate and our observations. Macro and luxury demand conditions have incrementally softened in our view and we find ourselves reducing estimates across the board, to which Moncler is not immune," according to a Tuesday earnings preview note. The research firm said the key focus for the third-quarter results is a sequential uptick in the September exit rate, adding that it forecasts group revenue of 604 million euros, down 2% on a reported basis and up 1% at constant currency. Meanwhile, lower organic growth expectations prompted analysts to trim their revenue expectations by 1% to 2% for 2026 to 2028. RBC's EPS projections also fell by 2% to 5% across the period. Ahead of Moncler's third-quarter results due on Oct. 21, RBC cut its price target for the sector perform-rated stock to 55 euros from 59 euros.