Kering: Deutsche Bank cuts TP

(CercleFinance.com) - Deutsche Bank maintains its 'buy' recommendation on Kering shares, while trimming its target price for them from E460 to E450, after reducing its 2024 EPS forecast by 3% to E16.
9, followed by small changes to subsequent years.

"Kering offers a potentially compelling turnaround story with the global Gucci megabrand undergoing a brand reinvention combined with expansion into a number of adjacent categories expanding via acquisitions", the broker points out.

However, deciding that the external environment is not favourable, with a limited recovery in the US and further weakness in China, Deutsche Bank adopts a more cautious outlook for Gucci in H2 this year.


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