Adds Citi comment, updates headline

** Shares in Italy's Moncler MONC.MI are down 7% after reporting Q2 sales broadly in line but weakening in the direct-to-consumer channel

** Revenues at Italian luxury outerwear group rose 5% at constant exchange rates in the second quarter, with rising Asian sales at its key eponymous brand countering weakness in Europe as tourist spending slowed down

** Brokerage RBC says the market may be scrutinising Moncler DTC's deceleration in Q2, although it flags this quarter is a seasonally low period for the brand

** J.P. Morgan notes a "slow" Q2, with Moncler retail softer than recently-lowered expectations - up 3% vs consensus at up 5% - "dragged by soft tourist trends and customers delaying purchases closer to the season"

** Jefferies cut its PT to €53 ($60.55) from €60, also citing a seasonally impacted Q2, with the strong prior quarter anchoring an "in-line" first half

** However, Citi notes that the softer trend in Q2 won’t "hold much significance if the brand sticks to its usual winter firepower in Q4"

** Including Thursday's fall, the stock has dropped by around 13% YTD​

($1 = 0.8753 euros)