(CercleFinance.com) – RBC renewed its ‘outperformance’ opinion and its price target of 810 euros on Friday following the investor day organized by the French luxury group.
In a research note, the Canadian broker points out that Kering is trying to reposition its flagship brand, Gucci, by orchestrating a move upmarket, particularly under the impetus of an improvement in the leather goods offer.
A strategy that promises to be a winner, according to RBC, which also welcomes the recruitment completed for several key positions in the green-red-green brand.
Welcoming favorable momentum and ‘solid’ execution which it believes should enable it to solve the problems encountered in China, the broker estimates that Gucci is in a position to reach an annual turnover of 15 billion euros and an operating margin (Ebit) by more than 41% in the medium term.
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