Zalando upgraded to “equal-weight” by Morgan Stanley as risk-reward stabilizes

2026-02-19 06:56:22

Abstract generation in progress

Morgan Stanley upgraded Zalando SE to “equal-weight” from “underweight,” citing a more balanced risk-reward profile after the stock’s nearly 50% fall in the last 12 months. The brokerage set a price target of €23, noting that Zalando now trades at about 13x price-to-earnings on 2027 estimates, comparable to global logistics and e-commerce peers. Despite increased competition from social commerce and AI-driven platforms, Morgan Stanley believes the multiple compression has run its course.

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