Salomon Smith Barney lifts Esprit target price from HK$10 to HK$12.5

Esprit Holdings (0330) made obvious retreat today following yesterdayˇ¦s new high of HK$10.75, and stood at HK$10.05, down 5.63% over the closing price of HK$10.65 yesterday. However, Salomon Smith Barney still elevated its target price from HK$10 to HK$12.5, equaling to 18-20 times of 2001 earnings ratio forecast. 

Esprit Holdings (0330) may reconsider spinning off for listing in Europe after its archrival Zara got a successful listing.

However, the fund house pointed out that investors would make profit-taking since the stock had soared by 20%. And the stock risked the decline, for once the company announces the spin-off-for-listing plan, those who disagree the plan would go on a selling spree

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