Kering: Oddo BHF on hold cuts TP
(CercleFinance.com) - While sticking to its "neutral" rating on Kering shares, Oddo BHF has reduced its target price for them from E498 to E463, after reducing its earnings estimates the luxury group, for which it sees really difficult times ahead.
Based on its new forecasts, the stock reflects an average multiple discount of around 30% to the LVMH sector benchmark, which is not extraordinary over the recent period, the analyst says.
Given a turnaround at Gucci that may require a more radical overhaul, and an unflattering trend for the group's other brands as the market slows down, the broker says that it seems too early to expect this discount to fall.
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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.
Based on its new forecasts, the stock reflects an average multiple discount of around 30% to the LVMH sector benchmark, which is not extraordinary over the recent period, the analyst says.
Given a turnaround at Gucci that may require a more radical overhaul, and an unflattering trend for the group's other brands as the market slows down, the broker says that it seems too early to expect this discount to fall.
Copyright (c) 2023 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.