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Kering downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Kering to Hold from Buy with a EUR 360 price target. The analyst sees risk that the Gucci transition could lead to lower than expected earnings in the near term. The firm sees risk to the Street’s second half of 2024 estimates if the new product uptake does not go as expected and further tweaks are needed to the Ancora collection.

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