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Kering: Oddo still a buyer, but cuts target price

( - Oddo BHF reiterates its "buy" recommendation on the Kering share, while cutting its target price from 637 euros to 460 euros, after the luxury group's announcement on Friday evening that it expects its Q1 sales to fall by 15%.

A 15% fall in sales is rather flattering in relative terms, although the next few weeks will be particularly difficult, the analyst warned, whose "worst-case sector scenario would mean Kering's 2020 EBIT falling by 37%, followed by 16% in 2021.

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