■ We prefer Tod's Group over Ferragamo. Ferragamo has outperformed Tod's Group by >60% in the last three years largely due to 40% lower consensus earnings cuts. With both stocks now trading at similar multiples despite being at different stages in the margin and earnings cycle, we raise our rating on Tod's Group to Outperform (from Underperform) and reiterate our Neutral rating on Ferragamo. We lift both targe