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Kering: UBS maintains neutral rating

( - UBS is still neutral about Kering shares, with a target price of 540 euros after the appointment at Gucci.

"Over the weekend Kering announced the appointment of Sabato De Sarno as Creative Director of its largest brand, Gucci (~75% of group's EBIT). As a reminder in November 2022 the company unexpectedly parted ways with its longstanding chief designer Alessandro Michele," UBS says.

As such, the broker says that on his new role as Creative Director (of its largest brand, Gucci), Sabato De Sarno will have responsibility for defining and expressing its creative vision...

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