Kering: Oddo BHF on hold, nudges up TP

(CercleFinance.com) - Oddo BHF is maintaining its 'neutral' rating on Kering shares, nudging up its target price from E235 to E238.


The analyst keeps his forecasts unchanged for Q4, i.e. a 14% organic decline in group sales (retail -15%), with Gucci at -22% (Q3 -25%), Saint Laurent at -10% (Q3 -12%), BV at +6% (Q3+5%) and Other Houses at -12% (Q3 -14%).

The group aims to defend the 2024 earnings level by moderating the operating expenses of the various brands as much as possible.

The analyst still believes that a redefinition of Gucci's stylistic positioning and storytelling cannot be ruled out, given that the brand is not yet visibly back on track.

We are adopting more cautious assumptions for 2025 to reflect H1 sales that should remain down, while the recovery in H2 should be moderate, Oddo BHF adds, which has lowered its 2025 EBIT forecast by -4%, followed by -3% for its 2026 EBIT forecast.


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