(News Bulletin 247) – AlphaValue maintains its buy rating on the Kering share, with an unchanged 6-month price target of 587 euros, thus presenting a potential upside of 14% compared to the current price.
The analyst nevertheless indicates that he has lowered his profit expectations for the 2nd half of 2023 and the 2024 financial year, in particular on the Chinese market.
AlphaValue thus points to the slowness of the resumption of international flights operated in China as well as the consequences of the pandemic on the purchasing power of consumers or the weakness of the real estate market.
The broker is thus revising its EPS forecasts for 2023 and 2024 downwards by just over 1%.
“The downward revision of earnings forecasts, in particular for the Gucci brand, which has greater exposure to the Chinese market, weighed negatively on our valuation,” concludes AlphaValue.
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