AlphaValue has upgrraded its Kering shares from 'Sell' to 'Reduce', with an unchanged target price of €279.
The analyst highlights Luca de Meo's very active "first day" (management changes at Gucci, transfer of Valentino eyewear to Kering Eyewear), signals that "reinforce" the thesis of a recovery from FY 26.
The broker has raised its assumptions (2026 EPS to €10.4 from €10.1, +2.69%) and its valuation drivers (Gucci multiplier raised from 15x to 16x), supporting higher NAV/DCF levels.
It says that long-term growth assumptions have been raised from 3% to 4.5%, while noting that the market environment remains challenging.
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2025, Kering had 43,731 employees and restated revenue of EUR 14.7 billion.
At the end of 2025, the Group had a network of 1,719 stores under its own management, located primarily in Western Europe (361), Japan (225), Asia-Pacific (666) and North America (308).
Net sales are distributed geographically as follows: France (5.6%), Western Europe (24.5%), Japan (7.9%), Asia/Pacific (28.6%), North America (24.2%) and other (9.2%).
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