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Kering: Credit Suisse upgrades to buy

(CercleFinance.com) - Credit Suisse has upgraded its neutral rating on French luxury group Kering to buy ("outperform").

It has raised its target price for the stock from 400 euros to 460 euros, in particular, due to the forthcoming "spin-off" of Puma.

According to analysts, the strong sales momentum of the group which includes brands such as Gucci, Bottega Veneta, YSL and Balenciaga, "shows no signs of slowing down".

In short, analysts believe that the Kering share should be trading at a premium relative to the luxury sector, Credit Suisse says, while its 12-month P/E of 21x currently reflects a discount of 6%.

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