Kering: Oddo BHF raises TP

(CercleFinance.com) - While maintaining its 'neutral' rating on Kering shares, Oddo BHF has nudged up its target price from E238 to E245 (cp: E262, +5.
8%), to take into account in its DCF valuation more visible prospects for improving the financial structure, which are reassuring.

According to the broker, the luxury group has managed the sharp fall in activity in 2024 relatively well, and has embarked on a sustained deleveraging trajectory by reducing the weight of its recently acquired real estate assets.

Nevertheless, at this stage it is not convinced that Gucci can recover simply by continuing the efforts undertaken to date, and fears that the choice of a designer within this very well-defined framework will not enable a stylistic breakthrough providing a real amplification effect.


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