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Kering: UBS still a buyer after results

( - UBS maintains its buy rating on the Kering stock and raises its price target to E717 (from E706) following the announcement of the first-half 2022 results.

"H1 overall solid set of results showed a mixed performance of Gucci; however, management;s comments on H2 margins pointed to a more positive outlook," the broker said.

Analysts noted that Q2 organic growth of +12% exceeded the consensus of +8% (UBSe +9%), with total sales of 4,974 million euros (+4% vs. consensus of 4,794 million euros and +2% vs. UBSe of 4,863 million euros). H1 EBIT reached 2,820 million euros, up +5% from 2,684 million euros in Q1 (UBSe 2,732 million euros), with a margin of 28.4%.

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