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Kering: HSBC raises target price

( - HSBC announced on Wednesday that it had raised its target price for Kering shares from E420 to E440, saying that it expects business to "pick up again" in 2025.

The broker - which has an "overweight" recommendation on the luxury group's stock - points out that the latter's stated ambition to invest heavily in its brands by 2024 has been warmly welcomed by the market.

In a research note, HSBC points out that Gucci has suffered from Kering's decision to protect the margins of its flagship brand since the pandemic, instead of investing heavily in marketing as other giants in the sector have done.

This strategic turnaround has been welcomed by investors, as illustrated by the 6% jump in the share price in the session following the announcement, the analyst points out.

However, HSBC points out that the timing of the recovery remains uncertain: while no turnaround is in sight in H1, a gradual improvement is expected in H2, before a recovery is expected in 2025, when Kering's organic growth is expected to reach 8%, as is the case for the Gucci brand, it estimates.

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