Kering: UBS still on hold
(CercleFinance.com) - UBS confirms its neutral rating on the Kering share, leaving its target price unchanged at E432 after the luxury group's Q3 2023 results.
The analyst believes that "third-quarter results are as weak as expected, with a general decline in sales".
"Q3 results with sales -9% were as weak as expected and didn't bring any negative surprises. We make no meaningful changes to our estimates and remain Neutral," UBS says.
"Q3 group organic growth was -9% vs. cons -7% (UBSe -10%), with total sales of EUR4,464m, -1% vs. cons EUR4,515m (in line with UBSe EUR4,452m)," the broker adds.
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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.
The analyst believes that "third-quarter results are as weak as expected, with a general decline in sales".
"Q3 results with sales -9% were as weak as expected and didn't bring any negative surprises. We make no meaningful changes to our estimates and remain Neutral," UBS says.
"Q3 group organic growth was -9% vs. cons -7% (UBSe -10%), with total sales of EUR4,464m, -1% vs. cons EUR4,515m (in line with UBSe EUR4,452m)," the broker adds.
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.