KERING : Stifel confirms its recommendation on the stock
March 20, 2024 at 11:28 am EDT
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Stifel maintains its 'hold' rating on Kering shares, with an unchanged target price of 420 euros.
The analyst points out that Kering expects its first-quarter sales to decline by around 10% year-on-year.
Gucci sales are expected to fall by almost 20% year-on-year, due to an expected decline in Asia-Pacific.
Against this backdrop, Stifel believes that the consensus forecast for 2024 EBIT should be revised downwards.
Kering anticipates a difficult first half, which may require a revision of Gucci's margin outlook when it reports its first-quarter results on April 23.
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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, Alexander 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 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
