Kering: Bryan Garnier ups fair value after sales.

(CercleFinance.com) - Broker Bryan Garnier has confirmed its "neutral" rating on Kering, although is raising its "fair value" from 243 euros to 280 euros, the day after the parent company of Gucci, YSL and Puma gave its business review for the first quarter of 2017.


The broker pointed out that Q1 sales reached 3.57 billion euros (vs. consensus of 3.17 billion), implying exceptional organic growth of 28.6% (vs. consensus of 12.5%) and highlights "stellar" growth of 48% at Gucci.

"Given these figures, far above our and consensus expectations, we lift our earnings estimates by 12% with a new EUR280 fair value," it said.


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