Kering: UBS cuts TP

(CercleFinance.com) - While maintaining its 'buy' recommendation on Kering, UBS has reduced its target price from E460 to E415, a new target that leaves a 19% upside potential for the stock, the day after a trading update accompanied by a worse-than-expected outlook.


A new series of earnings declines will weigh on the stock, but we remain optimistic about Gucci's potential, given its high cyclicality in the current difficult environment for the sector, UBS says about the French luxury group.


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