We are downgrading our rating to Neutral (from Outperform) with a new target price of €58 (from €90). We got our call wrong as we believed a 5% dividend yield and attractive valuation would be enough to support the shares despite weakening fundamentals for the menswear market (see Hugo Boss: Buying a sustainable dividend yield on 01-Feb-2016). The stock has more than halved from its peak last April and derated to 13x 2016e P/E on our revised numbers. That said, we fail to see the near-term catalysts that could drive a rebound in the share price and see further downside risk to 2016-17 forecasts