Kering: Oddo still on hold
(CercleFinance.com) - Oddo says that, over the summer, Kering's brands posted a visible sequential improvement, with growth exceeding expectations in China and the US.
However, the broker confirms its neutral rating on the share with a target price of 494 euros (current price: 570 euros, +2%).
Analysts say that overall organic growth in Q3 should clearly outperform the -10% that they were initially expecting, but that it is probably still too early to expect a return to near-zero or even positive growth.
Oddo also believes that Kering as a whole should be able to end the quarter with positive organic growth in the US. The analyst notes that the trend in September does not seem to show any noticeable decline.
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