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Kering: Jefferies still a buyer, cuts target

( - Jefferies reiterates its “buy” recommendation on the Kering share, while cutting its target price by 3% to 680 euros, to reflect a decline in results, the day after their release.

"To be clear: ours is a rating based on a 12M view and the fact that we expect KER to be well-placed to reverse trends and deliver a strong H2 into 2021," the broker says.

"The ST news flow, as for all, will be poor with the 2019-nCoV impact est to be very significant and to last through to at least May," Jefferies warns, which still sees the share as having significant upside potential.

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