(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Kering share, with a price target reduced from 506 to 498 euros.
According to the broker, Kering is moving towards growth y/y at cc in group sales for Q2 at +3% (with Gucci at +4% after +1% in Q1) i.e. a fairly visible downward revision (against + 6% previously with retail at nearly 11% and Gucci at +6%).
‘The modest growth acceleration looming for Q2 confirms that the group remains in a period of transition with a y/y pace still significantly below what we calculate for the industry as a whole (we expect +17% in Q2 after +15% calculated for Q1),’ adds the analyst.
Following this lower expected growth for 2023, Oddo BHF is adjusting its earnings forecasts down 2%.
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