Kering: Credit Suisse raises target price

(CercleFinance.com) - Crédit Suisse reiterates its "outperform" rating on Kering shares, although has cut its target price for them from 675 euros to 635 euros, in the wake of a reduction in its earnings estimates for the group following the publication of its annual results.


The broker has reduced its organic revenue forecast for 2021-22 by 1%, driven by a 2% decrease at Gucci, and has lowered its EPS estimates for 2021-23 by 5% on average.

"We believe scale will remain an advantage at Gucci and we continue to view Kering as an attractive pure play on luxury fashion," it says, although also considers its valuation discount to his peers to be unjustified.


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