Kering SA

KER: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€536.00	Fqzqwdv	Rncqynwf

Kering: We See Weak Brand Performance as Transitory Due to Economic and Fashion Cycle; Shares Cheap

Jelena Sokolova

Oct 25, 2023

We are reducing our fair value estimate for narrow-moat Kering to EUR 600 from EUR 650 as we adjust our near-term forecast to incorporate more pressure on the company’s brand revenue and margins after weak third-quarter sales numbers.

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