Kering Shares Soar as Analysts Cheer Q2 Results
Kering shares surged 15% on Wednesday after the French luxury group reported better-than-expected second-quarter results, signaling its turnaround plan is gaining traction. Gucci's performance, though still showing a 2% organic sales drop, cheered investors and prompted multiple analyst upgrades. HSBC upgraded Kering to 'buy' with a target price of 340 euros, citing early uptake of creative director Demna's first full collection among U.S. consumers. Bernstein raised its target to 270 euros, highlighting Gucci's revised pricing strategy to correct 'greedflation' and attract aspirational customers. RBC increased its target to 350 euros, noting early confirmation of stabilization under new leadership. The positive results contrasted with Hermès, which fell over 12% as markets predicted growth normalization.
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