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StocksMedium•13 February 2026•

1 min read

Morgan Stanley Upgrades Ermenegildo Zegna and European Wax Center

Taco Bell restaurant with food items, Pepsi drinks, and logos for Taco Bell and Yum! Brands, set against a world map with financial symbols, crypto coins, and upward arrows.

Morgan Stanley has upgraded its rating for Ermenegildo Zegna Group (ZGN) from Underweight to Equalweight, setting a price target of $11.00. The upgrade follows a robust performance in the luxury group's fourth-quarter direct-to-consumer sales within the U.S. market. Simultaneously, European Wax Center (EWCZ) received an upgrade to Equalweight following news of its definitive acquisition agreement. General Atlantic is set to acquire the company in an all-cash transaction valued at approximately $330 million, or $5.80 per share. This offer represents a significant 45% premium over the stock's previous closing price, providing a solid floor for the equity. Analysts view these upgrades as a reflection of strong fundamental performance in luxury retail and heightened M&A activity.