Goldman Sachs analyst Louise Singlehurst upgraded Ermenegildo Zegna N.V. (NYSE:ZGN) to Buy from Neutral and raised the price target to $18.70 from $17. Singlehurst is optimistic about Zegna's growth trajectory, citing a positive fundamental investment case, attractive valuation after recent underperformance, and strong medium-term targets. The analyst expects over a 10% sales CAGR and a 20% CAGR in adjusted EBIT over the medium term, with even higher growth anticipated from 2023 to 2027. The growth is attributed to new retail space, increased store productivity, and strong brand momentum with a loyal high-end customer base. Zegna's top 5% of customers account for 40% of sales, and the high-end customer cohort spending €50k+ per year grew by 63% compared to 2022. The analyst forecasts 20% FX growth in FY23 and 10% in FY24. ZGN shares rose 3.07% to $11.07 following the upgrade.