Inditex stock: Jefferies keeps buy call before December results

Jefferies continues to rank Inditex among its preferred fashion-sector choices ahead of the companys nine-month results on December 2, 2026. Bolsamania reported on November 4 that the broker retained its buy rating and 67 euro price target.

Jefferies expects Inditex to deliver a solid third-quarter update despite concerns that operating expenses could weigh on earnings. Its forecast calls for currency-neutral sales growth of 9.5%, compared with 8.4% in the consensus estimate. The broker projects a gross-margin decline of 25 basis points year over year, while consensus points to an 8-basis-point decline.

Growth drivers before results

Jefferies forecasts EBIT of 2.62 billion euros, 10% above the prior-year level and ahead of the 2.57 billion euro consensus estimate. Operating expenses are expected to rise 9%, making the relationship between sales growth and cost growth a central issue for the December release.

The broker identifies several potential supports for the autumn quarter. The first of four John Galliano collaborations could add to demand, while cooler European temperatures may support purchases of seasonal clothing. Jefferies also sees the currency effect shifting from strongly dilutive to slightly positive in recent months.

French legislation targeting Shein, effective from September 1, is another factor in the broker analysis. Jefferies argues that Inditexs affordable-fashion positioning and lower exposure to China provide relative support compared with European luxury companies. China accounts for about 5% of Inditex sales, according to the analysis, versus close to 30% for the wider luxury sector.

Inditex stock traded at 59.77 euros on Lang & Schwarz at 11:37 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Inditex stock.

Jefferies also sees scope for the store-renewal program and European price adjustments linked to regulatory changes to become more visible in shareholder returns. The December report will provide the next test of sales momentum, gross-margin resilience and operating-cost discipline.

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For further company-specific coverage, see more news and analyses on Inditex stock.