(CercleFinance.com) – Deutsche Bank on Friday raised its recommendation on Kering from ‘hold’ to ‘buy’ with a price target raised from 510 to 540 euros, revealing an upside potential of almost 40%.
In a research note, analysts from the German bank believe that the recovery carried out by the owner of the Saint Laurent, Bottega Veneta and Balenciaga houses is underestimated by the market.
‘Kering remains one of the world’s largest luxury groups, but also one of the most controversial stocks within the sector,’ they point out in their study.
‘Although the company is currently in a turnaround, we believe that the medium-term potential of the Gucci brand is significantly undervalued,’ the analysts add.
Despite the current economic slowdown, Deutsche Bank says it sees an attractive profile for the stock from a medium-term perspective, and for the most patient investors.
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