Kering: UBS still on hold, same TP
(CercleFinance.com) - Last night, Kering published its Q3 2024 figures.
UBS highlights the decline in sales, with a further reduction in forecasts. The analyst confirms his Neutral recommendation on the stock, with an unchanged target price of E227.
The group's organic growth in Q3 was -16%, vs. -12% (UBSe forecast of -15%), with total sales of E3,786m, -5% versus E3,968m (broadly in line with UBSe forecast of E3,795m), UBS says in its daily comments.
Gucci posted Q3 sales of E1.6bn (-26% as reported and -25% on a comparable basis). Yves Saint Laurent's sales amounted to E670m (-13% as reported and -12% on a comparable basis).
Kering's recurring operating income for FY 2024 could be around E2.5bn, the group says.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
UBS highlights the decline in sales, with a further reduction in forecasts. The analyst confirms his Neutral recommendation on the stock, with an unchanged target price of E227.
The group's organic growth in Q3 was -16%, vs. -12% (UBSe forecast of -15%), with total sales of E3,786m, -5% versus E3,968m (broadly in line with UBSe forecast of E3,795m), UBS says in its daily comments.
Gucci posted Q3 sales of E1.6bn (-26% as reported and -25% on a comparable basis). Yves Saint Laurent's sales amounted to E670m (-13% as reported and -12% on a comparable basis).
Kering's recurring operating income for FY 2024 could be around E2.5bn, the group says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.