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Kering: Oddo BHF drops 'buy' rating

( - Oddo BHF has downgraded its rating on the Kering share from "buy" to "neutral," while cutting its target price from 460 euros to 431 euros (current price: 498 euros), declaring that it fears that the group's performance will continue to lag those of other soft luxury tenors.

The broker now expects group sales to fall by around 50% in Q2 and believes that Gucci - its flagship brand - probably performed slightly worse, unlike Bottega Veneta, which probably continued to outperform.

More generally, the analyst who monitors the share has reduced his earnings estimate sequence for the group by around 5%, although points out that his 2020/2021 forecast is still somewhat optimistic.

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