(News Bulletin 247) – Invest Securities maintains its ‘neutral’ rating on the Kering share, with a price target raised from 524 to 569 euros.
The analysis office returns to Gucci, a brand whose mechanics ‘has gradually seized up’, Invest judges, with in particular the challenge posed by the departure of its star designer.
‘Kering’s management is making generally sound choices, but the open transition period may take some time before Gucci regains harmonized growth on Best in Class’, the analyst believes.
In addition, the group must also deal with the reputational risk that weighs on Balenciaga, ‘a case that raises questions of governance’ judge Invest.
For the broker, ‘in our opinion, the Chinese recovery should not be overplayed, if the growth engines of the US and European market, interconnected by tourist flows, come to slow down’.
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