Kering: UBS downgrades stock
(CercleFinance.com) - UBS has downgraded its rating on the Kering stock to Neutral (from Buy), trimming its target price for it to 572 euros (from 575 euros), expecting "a turbulent year ahead".
"The uncertainty related to creative director transition at Gucci and recent fallout from Balenciaga pose ST risk to earnings," UBS says.
Gucci announced at the end of November that its creative director Alessandro Michele was leaving the group. It has said that Gucci's creative studio will continue to have creative responsibility for the house until a new organisation is announced.
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