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Kering: RBC maintains buy rating

( - On Wednesday RBC renewed its "outperform" rating on Kering shares, while maintaining its target price of 650 euros, insisting on the commercial potential of the Gucci brand in North America.

The broker says that the brand's development in the US - through the opening of new shops - is a key lever for its growth prospects.

RBC says that it has identified 34 potential locations in the US where no luxury brand is currently located, but which could provide a good opportunity to expand in the country.

It adds that Gucci could reach its medium-term target of 15 billion euros in sales p.a. within six or seven years, i.e. by 2027 or 2028.

RBC also sees additional growth potential from the change in artistic direction and a move upmarket, although stresses that this could take longer to materialise.

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