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JP Morgan stated that the earnings of PRADA (01913.HK)  -3.300 (-6.984%)    Short selling $21.97M; Ratio 21.799%   achieved a yearly decrease of 28% in the first nine months with a plunge of 44% in the third quarter, missing the estimates. Hence, the earnings forecast was trimmed by 10% and 6% in 2014-15 and the target price was cut from $46.2 to $40.

The valuation was not attractive despite the continuous fall since early 2014. The rating of Prada was maintained at Neutral since the revolution in leather goods business was not yet successfully implemented. 

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