Kering downgraded to Hold from Buy at Jefferies

Jefferies analyst James Grzinic downgraded Kering to Hold from Buy with a price target of EUR 500, down from EUR 655. The firm relaunched coverage of the European luxury brands sector with just two Buy ratings. The analyst says demand risks in the U.S. and Europe remain unclear, and the lack of recovery in Chinese aspirational spend “frustrates.” Investor concerns “are unlikely to be soothed ahead of the promise of a return in Chinese mass travel becoming easier to model,” the analyst tells investors in a research note.