Kering: JPMorgan downgrades to 'underweight'.

(CercleFinance.com) - On Monday, JPMorgan downgraded its recommendation on Kering shares from 'neutral' to 'underweight', with a price target reduced from €220 to €195.


In a study of the luxury goods sector, the broker says it still sees no sign of recovery for the Gucci brand among consumers, despite the Italian label's creative efforts.

At the same time, the YSL brand also continues to show a certain weakness, it adds.

Against this backdrop, the broker says it anticipates another year of earnings decline for Kering in 2025, unlike the consensus, which is hoping for a return to growth next year.

Its forecasts for 2024 are therefore 7% below those of the market, and 20% lower for fiscal 2025.

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