(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on the Kering share, with a price target raised from 568 to 580 euros.
According to the analyst, the trends at the start of the year show contrasting developments, varying according to geographical areas, brands and distribution channels.
Oddo announces very slightly adjusting its forecasts for the 1st quarter, with growth y/y cc at -2% for Gucci (compared to -4% prev.) and +6% for Saint Laurent (compared to +4% prev.). He also reduced his expectations for Bottega Veneta from +4% to +1% and for Other Houses from -5% to -7%, ‘hence, in the end, group growth of -1% against -2% previously.’ , says the broker.
Oddo also indicates that taking into account more unfavorable exchange rates for 2023 leads to a -1% drop in its 2023/2024/2025 sales estimates.
“In the end, our new EBIT estimates mark a decline of -1%/-2% compared to the previous ones”, indicates the analysis office which specifies that the title is still trading at a discount slightly above 30% at this stage compared to the LVMH sector benchmark.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
