Berenberg Keeps Inditex's Buy Rating After Q2 Results; Estimates Revised

09:32 AM EDT, 09/10/2026 (MT Newswires) -- Berenberg maintained its buy rating on Industria de Diseño Textil (ITX.MC), d/b/a Inditex, while tweaking its estimates following the Spanish clothing retailer's second-quarter results. "It is pleasing to see Inditex maintaining its top-line momentum with c9% constant currency (cc) sales growth through Q2 and into current trading in August and September, despite a toughening trading comparative. Reasons for this continuing strength include ever-larger aspirational stores doing justice to range expansion, a maintained attractive mid-market price positioning, increased participation in social media-effective design collaborations and a likely benefit from weight-loss drugs," according to a Thursday note. The research firm, however, flagged a 3% profit miss versus consensus, citing higher transportation costs tied to the Middle Eastern conflict that led to a temporary deleverage in the income statement. "We take a cautious approach and trim our EPS estimates by c2% (also on a higher tax rate) in all years, with a potential reversal of this should the conflict be resolved," Berenberg said. Meanwhile, the sales forecasts for 2027 through 2029 were raised by 0.8%. The stock's price target was left unchanged at 62 euros.