Kering: Stifel lowers target price

(CercleFinance.com) - While maintaining its 'hold' rating on Kering shares, Stifel has lowered its target price for them from E420 to E390, in the wake of a 9% reduction in its 2024-26 EPS estimates, following last week's Q1 sales warning.


"Bottega Veneta brand momentum is a bright spot in Kering's portfolio, but not enough to offset the current challenges for Gucci in Asia", the broker says, which prefers to remain on the sidelines for the time being.

It says that, "earnings revisions have yet to stabilise for the stock to find a floor, in our view. Moreover, the market is still waiting for proof points on Gucci's ability to recover some market share lost to key rivals since 2020".


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