(CercleFinance.com) – Royal Bank of Canada reduced its price target on Kering on Wednesday, from 430 to 400 euros, while renewing its ‘outperform’ opinion on the stock.
In a study devoted to the luxury sector, the broker says it does not anticipate much improvement in the performance of Gucci, the flagship brand of the French luxury group, forecasting an organic decline of 17% in activity over the second quarter.
Regarding the margin, Kering had already warned to expect a ‘significant’ decline in its operating margin (Ebit) over the quarter, with a decline which should be between 40% and 45% over one year, recalls RBC , which attributes this decline to investments made within the brand to ensure its recovery.
Regarding YSL, the professional says he expects a turnover of 725 million euros in the second quarter, a decline of 5% in organic data, while Bottega Veneta should do better with organic growth. from 1%.
Kering plans to publish its second quarter results on July 24.
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