Kering: JPMorgan downgrades stock

(CercleFinance.com) - On Monday, JPMorgan downgraded its recommendation on Kering shares from "neutral" to "underweight", with a target price reduced from E220 to E195.


In a report on the luxury goods sector, the broker said that it had yet to see any signs of recovery for the Gucci brand amongst consumers, despite the Italian label's creative efforts.

At the same time, the YSL brand continues to show a certain weakness, it adds.

Against this backdrop, the broker anticipates another year of falling earnings for Kering in 2025, unlike the consensus, which is hoping for a return to growth next year.

Its forecasts for 2024 are therefore 7% below those of the market, and 20% below those for 2025.


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