Deutsche Bank has initiated coverage of Brunello Cucinelli SpA with a "buy" rating and a price target of 96.80 euros, projecting average annual earnings-per-share growth of about 15% through 2028. The move by the bank arrives as Bernstein issued a preview of the Italian luxury group's first-half results, which are due on July 30.
Analyst Do-Hyun Yoo at Deutsche Bank set the 96.80 euro target against a last closing price of 81.14 euros. Yoo and the bank expect Brunello Cucinelli to be "capable of delivering 25-28E EPS CAGR of c.15%."
Deutsche Bank said its forecasts are founded on what it described as the company's consistent execution of a roughly 10% cFX sales growth algorithm. The broker attributed that trajectory to three elements it sees as driving the brand: an expanding top-end luxury customer base, a deliberately curated everyday wardrobe that encourages sustained higher average spend, and broad brand resonance tied to the company's stated philosophy of "Humanistic Capitalism."
On profitability, Deutsche Bank expects a more measured improvement in EBIT margins, stating an assumption of "a more gradual EBIT margin expansion based on its more mature operational structure."
Separately, Bernstein continues to rate the stock as "outperform" with a price target of 108 euros. In its preview of the first-half results, Bernstein noted that Brunello Cucinelli reiterated growth ambitions in excess of 10% for the second quarter of 2026 at constant currency. Bernstein also expects foreign exchange to be a headwind of approximately 1% to 1.5% for that period.
Bernstein projects modest profitability gains of about 20 to 30 basis points stemming from gross margin improvement and operating leverage. The broker expects retail to expand at a mid-teens percentage rate in the quarter, while wholesale is seen as flat to slightly positive.
The firm highlighted regional and channel nuances: retail performance in the Middle East remains negative but has been improving from a 50% decline recorded in April; the Middle East accounts for roughly 5% of group sales. By geography, Bernstein anticipates Europe to grow at a mid-single-digit rate, the Americas in the mid-to-high teens, and Asia at a mid-to-high-single-digit rate at constant exchange rates, with China singled out for double-digit growth.
On investment spending, Bernstein said capital expenditure will stay at around 6% of sales, with spending skewed more towards the first half of 2026.
Both broker notes present a consistent picture of revenue expansion supported by targeted customer segments and regional performance differences, while differing slightly on margin timing and ultimate upside. Deutsche Bank's initiation focuses on a multi-year EPS compound annual growth rate, whereas Bernstein's preview emphasizes near-term quarterly ambitions, currency headwinds, and channel-level expectations ahead of the H1 results due July 30.