(AOF) – UBS remains Neutral on Kering shares with a lowered price target from 511 to 446 euros. “We do not expect Kering’s third quarter results to be a major catalyst as the new Gucci collection was only recently introduced and the group’s sales performance continues to be affected by the streamlining of sales in big among the smallest brands”. UBS expects a turnover of 4.81 billion euros for Kering in the third quarter, a decrease of 6% as reported and 3% organically.
In addition, UBS forecasts an organic sales decline of 4% for the group’s luxury division (compared to +2% in the second quarter) in a context of increasing market volatility and continued rationalization of wholesale sales across the board. of the brand portfolio.
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