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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