(News Bulletin 247) – Stifel maintains its buy rating on the Kering share, with a price target reduced from 645 to 630 euros.
‘We are reducing our FY23-24E EBIT forecast for Kering by -2% and -1% respectively in anticipation of the 1H23 results expected on July 27’, indicates the analyst who expects a downward revision of the assumptions growth in 2Q23 for Gucci, due in particular to a slower than previously modeled sales recovery in China.
Stifel is also counting on lower growth assumptions for non-Gucci brands and lower margin assumptions in 1H23 for other houses, pointing in particular to the challenges Balenciaga is facing in the United States.
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