(AOF) – JP Morgan maintains its Neutral recommendation on Kering shares by lowering its price target from 475 to 430 euros. “While Kering is one of the leaders in luxury, its Gucci brand has fallen on hard times in recent years, experiencing a period of weariness for its fashion products and underperforming the industry as a whole.” , indicates the American bank.
“As the brand pursues a strategy of upscaling and repositioning, in times of leadership change, we expect growth and margins to remain under pressure in 2024. Other brands’ execution and dynamics which, until recently, compensated for the weakness of Gucci, are losing strength, which causes additional pressure for Kering. We remain cautious and see little room for positive surprises at the moment”, also explains the office of studies.
© 2023 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
