Kering: Credit Suisse cuts target price
(CercleFinance.com) - While maintaining its "outperform" rating on Kering shares, Credit Suisse has reduced its target price for them to 750 euros (from 815 euros), mainly due to the recent devaluation of the broader luxury goods sector.
Ahead of its trading update scheduled for 19 October, the broker has cut its organic growth forecast for Q3 2021 to +7%, from +10% previously, mainly due to Gucci.
"Our FY21-23e organic sales go down by 1% on average and operating profit remains broadly unchanged, offset by favorable FX," it said.
The share is currently outperforming a pretty dull market at noon today by over 1%, up about 0.3% at 618 euros.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Ahead of its trading update scheduled for 19 October, the broker has cut its organic growth forecast for Q3 2021 to +7%, from +10% previously, mainly due to Gucci.
"Our FY21-23e organic sales go down by 1% on average and operating profit remains broadly unchanged, offset by favorable FX," it said.
The share is currently outperforming a pretty dull market at noon today by over 1%, up about 0.3% at 618 euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.