FRANKFURT (dpa-AFX) - The Zalando share continued its downward slide on Wednesday with a record low. In early Xetra trading, the share price fell below the 17-euro mark for the first time since its IPO in 2014. The stock last traded at 16.45 euros, down 4.3 percent on the Xetra closing price from the previous day.

Analyst Geoffroy de Mendez from Bank of America withdrew his buy recommendation for the online fashion retailer's shares after around one year. However, with a price target of 21 euros, he still sees some recovery potential after the rapid decline that the share has experienced in recent months.

In 2024, Zalando shares are once again the worst DAX stock with a discount of 23.5 percent so far. Last year, they already held the red lantern in the leading index with an annual loss of 35%. Since the record high in 2021, when the online sector experienced a boom thanks to the coronavirus pandemic, the shares have already lost 84% of their value. At that time, the share price peaked at more than 100 euros.

Zalando went public in 2014. The issue price at the time was 21.50 euros. Early shareholders have now lost more than a fifth of their value./tih/mis/ajx