Kering: Bryan Garnier adjusts target before trading update

(CercleFinance.com) - While maintaining its "neutral" rating on the stock, Bryan Garnier has nudged up its fair value for the Kering stock from 415 euros to 420 euros, before the luxury group's trading update for the first quarter of 2018, which is set to be held after trading on 24 April.


Despite a negative FX impact of 8.5%, the broker believes that this first quarter should be dynamic, with organic sales growth of 23%, to 2.83 billion euros.

According to the broker, this increase in revenues (which will no longer include the sport and lifestyle division) will be mainly driven by 30% growth at the Gucci brand, while Bottega Veneta should remain quite weak.


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