Kering: Credit Suisse positive after departure of A Michele

(CercleFinance.com) - Credit Suisse has reiterated its "outperform" rating and 670-euro price target for Kering shares, after the announcement that the creative director of its flagship Gucci brand, Alessandro Michele, is leaving the company, which it actually sees as a positive catalyst for the stock.


"A radical change is needed to reinvigorate growth at the brand, and while there is some uncertainty around Mr. Michele's replacement, a change in creative director is about the most radical change the group could make," the broker said.

Compared to its sector, Credit Suisse sees Kering as a higher risk/reward case, given the need to improve Gucci's performance, but it sees this risk as more than priced in.


Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.