Bernstein downgraded Kering to Market Perform from Outperform with a price target of EUR 492, down from EUR 582. The firm says it did not see enough on the SS24 catwalk to anticipate a fast and material Gucci re-acceleration. A softer consumer demand environment in fiscal 2024 could further exacerbate Gucci’s performance issues, the analyst tells investors in a research note.
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