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Kering: Deutsche Bank upgrades to 'buy'

(CercleFinance.com) - In a cautious sector note on the luxury sector, Deutsche Bank has upgraded its rating on the Kering share from "hold" to buy.


The broker has nudged up its corresponding target price from 500 euros to 510 euros, meaning upside potential of around 100 euros.

Admittedly, after “a golden year for luxury” in 2018, which benefited from strong growth that boosted margins of sector majors, 2019 appears to be harder. The broker expects stable global GDP growth of 3.9%, but also forecasts a slowdown in the key market of China, with growth of 6.3%, having also identified downside risk in the US. This results in considerable macroeconomic uncertainty for the sector in the short term, meaning that more volatility could well be ahead.

However, despite this, Deutsche Bank has upgraded its rating on the Kering share "on continued strong market share gains at an attractive valuation," with an estimated 2019 P/E of 15.5x, compared to 17.5x for LVMH.



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