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Kering: Deutsche Bank upgrades to 'Buy'

( - On Friday Deutsche Bank upgraded Kering shares from "hold" to "buy" raising its target price fir them from E510 to E540, representing upside potential of almost 40%.

In its comments, the German bank's analysts believe that the market is underestimating the turnaround achieved by the owner of Saint Laurent, Bottega Veneta and Balenciaga.

"Kering remains one of the largest Luxury groups globally and is the most debated stock in the sector", it points out.

"Whilst the business is currently going through a turnaround, we believe the medium term potential of the Gucci brand is significantly underappreciated," the broker added.

Despite the current economic slowdown, Deutsche Bank says it sees an attractive profile for the stock from a medium-term perspective, and for the most patient investors.

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