Inditex stock: Jefferies sees durable growth ahead of results

Published on 11/04/2026 at 17:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Inditex stock remains a preferred fashion-sector pick for Jefferies ahead of the December 2 results. The broker sees several supports.

Growth Signals Before December Results

Jefferies retains a constructive view of Inditex ahead of the nine-month results.
The broker expects operating costs to rise while gross margin remains under pressure.
Zara's John Galliano collaboration, weather and French regulation are identified as potential supports.

Inditex, ES0148396007, Illustration mit AI erstellt.

Jefferies remains constructive on Inditex ahead of the company's nine-month results on Wednesday, December 2, 2026. In a report published on Wednesday, November 4, the broker retained its Buy rating and 67 euro price target, according to Ad Hoc News, which cited Bolsamania.

Inditex stock traded at 59.26 euros on Lang & Schwarz at 17:06 CET on Wednesday, November 4, 2026. The quote was recorded before the 17:35 threshold used for the Xetra session comparison.

Jefferies sees operating momentum

Jefferies forecasts currency-neutral third-quarter sales growth of 9.5 percent, above the 8.4 percent consensus estimate. Its EBIT forecast is 2.62 billion euros, 10 percent above the prior-year level and ahead of the 2.57 billion euro consensus.

The broker also expects operating expenses to rise 9 percent and gross margin to decline by 25 basis points year over year. That combination leaves the December update focused on whether stronger sales can absorb higher operating costs.

Four supports shape the outlook

Jefferies points to the first John Galliano collaboration at Zara, launched on October 1, as a potential contributor to the upcoming results. Cooler European weather in late October and November could support autumn and winter apparel demand.

The broker also sees foreign exchange moving from strongly dilutive to slightly positive. French legislation targeting ultra-fast-fashion businesses, in force since September 1, could improve the relative position of established retailers such as Inditex.

Jefferies places Inditex between mass-market retail and luxury. It estimates China at about 5 percent of Inditex sales, limiting the group's direct exposure to European-China trade tensions compared with the broader European luxury sector.