Kering: Oddo BHF slightly raises its target on the stock

(CercleFinance.com) - Oddo BHF is maintaining its 'neutral' rating on Kering shares, with a slightly higher price target, from 235 to 238 euros.


The analyst is keeping his forecasts unchanged for Q4, i.e. a 14% organic decline in group sales (retail -15%), with Gucci at -22% (Q3 -25%), Saint Laurent at -10% (Q3 -12%), BV at +6% (Q3+5%) and Other Houses at -12% (Q3 -14%).

The Group aims to defend the 2024 earnings level by moderating the operating expenses of the various brands as much as possible.

Our opinion remains that a redefinition of Gucci's stylistic positioning and storytelling cannot be ruled out, given that the brand is not yet visibly back on track", stresses the analyst.

We are adopting more cautious assumptions for 2025 to reflect H1 sales that should remain down, while the recovery in H2 should be moderate', adds Oddo BHF, which has lowered its EBIT 2025 forecast by 4% and its EBIT 2026 forecast by -3%.

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