Laggard of the CAC 40, Kering shares fall 2.5% following TD Cowen downgrade
The luxury group that owns Gucci and Saint Laurent is closing the ranks of the Paris index, which is nonetheless posting a slight gain. A target price cut from an American brokerage accompanies a stock already weakened for several weeks.
A TD Cowen target price reduction and a stock far from its moving averages
Kering falls 2.6% to €207.55 during the session, the last value in the CAC 40 while the index gains 0.26%. The stock has lost 13% over one month and nearly 33% over one year. The pressure is clear on moving averages: the price is 6.8% below the 20-day MA and 19.3% below the 200-day MA. The support at €206.55, very close by, is the level the stock is approaching today.
On the analyst ratings side, TD Cowen lowered its price target today from €280 to €235. The day before, SBG Securities posted a target of €233 with a buy rating. These two targets remain above the current price by approximately 13%.
Vaccarello's departure and a half-year marked by Gucci's decline
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Continuing these difficult sessions, Kering announced on October 9 the departure of Anthony Vaccarello from the creative direction of Saint Laurent, which he has been guiding since 2016. This departure comes after a first half in which Gucci's revenue declined 5% on a comparable basis, published on July 29, 2026, and during which the group's net profit fell 60% to €189 million. The group nevertheless reduced its net debt by €4.7 billion through the sale of Kering Beauty. Management comments reported by the press in early October mentioned a difficult end of summer for luxury, which concerns the third quarter of 2026. The RSI at 35 remains close to the oversold zone, without reaching it.
À mesure que Kering progresse dans l'exercice 2026, son objectif demeure de renouer avec la croissance et d'améliorer sa profitabilité
Risks mentioned
Recul du chiffre d'affaires de Gucci de 5 % en comparable au premier semestre
Charges opérationnelles non courantes de 223 millions d'euros (cessions, dépréciations, restructurations)
Résultat net part du Groupe en baisse de 60 % à 189 millions d'euros
Opportunities identified
Endettement net réduit de 4,7 milliards d'euros grâce à la cession de Kering Beauté
Contrat de licence beauté Gucci-L'Oréal exclusif sur 50 ans à compter de mi-2027
Kering Jewelry +20 % en comparable, marge courante en hausse de 2,7 points
Outlook / guidance
Management commentary: « As Kering advances through 2026, its objective remains to return to growth and improve margins. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
