ubs maintains neutral rating on kering after disappointing third quarter results

Kering shares have been given a Neutral rating by UBS after the luxury group reported disappointing third-quarter results. UBS has set a price target of 227 euros.

The decline in retail sales, particularly for the flagship brand Gucci, has been significant at 25%, despite an increase in the share of new collections in stores. The outlook for Ebit has also worsened, falling more than 10% below consensus expectations, which is even more severe than the most pessimistic forecasts. This unexpected downturn is expected to put further downward pressure on Kering's stock in the current challenging sector environment.

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