(News Bulletin 247) – SG on Wednesday raised its recommendation to ‘buy’ against ‘hold’ so far, with a price target raised from 460 to 650 euros which reflects an upside potential of almost 32% compared to Tuesday’s closing price.
In their note, the analysts point out that the value was traded last night on the basis of a PER discount of around 45% compared to the rest of the securities they track.
The research department also mentions an “unprecedented” discount to the MSCI sector index, which it attributes to market concerns about the recovery of the Gucci brand and the evolution of the management team.
On this last point, the appointments of Francesca Bellettini, the CEO of Yves Saint Laurent, as deputy general manager of Kering in charge of the development of the houses and of the financial director Jean-Marc Duplaix as deputy CEO in charge of operations and finance, should make it possible to reassure investors, believes SG.
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