By  on September 10, 2008

MILAN - Citigroup became the latest bank to downgrade Bulgari SpA's stock to "sell" over concerns the jeweler faced limited growth prospects in the immediate future.

Citigroup analysts Thomas Chauvet and Richard Edwards cut their target price for Bulgari to 6.40 euros, or $9.14 at current exchange, from 7.80 euros, or $11.14, citing unfavorable geographic exposure and underperforming watch and accessories sales.

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