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Kering soars following a double upgrade from BofA, which targets EUR 450
Investing.com - The stock of the French luxury group Kering (EPA:PRTP) SA (EPA) is up the most among the CAC 40 index stocks Thursday, climbing more than 5% following a double upgrade from Bank of America.
BofA analysts announced today that they have upgraded their rating by two notches, moving to "buy" from "underperform."
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Additionally, the bank has significantly raised its price target from €350 to €450, representing an upside potential of about 40%. This new target is partly justified by an increase in the 2024 EPS forecast from €15.29 to €16.19 and a 2024 forecast that has risen from €18.20 to €19.47.
Explaining their bullish stance, analysts cited signs of improvement for Gucci, which they believe is the main driver for Kering's stock price.
They noted that the brand is working hard to reengage with "trendsetters" through new products, fashion shows, and other events, and they believe the effects could be felt as early as the second half of 2024.
BofA also highlighted that its Brand Leading Indicator, which correctly predicted the decline of the Gucci brand in 2020, has now turned positive, indicating that the worst is over.
Finally, they noted that Gucci product prices increased in June, which they believe could already indicate a more positive momentum.
In conclusion, Bank of America believes that Kering's current stock price reflects a very low sentiment towards France, the luxury sector, and Gucci, with analyst ratings that have not been this low since 2015 for the stock, and that the balance of risks is now tilted towards the upside.
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