Oddo BHF reiterates its 'neutral' opinion on Kering, on the basis of a price target lowered from 345 to 336 euros to reflect its new estimates for the luxury group, as well as less favorable market parameters.

Following a dinner with sell-side analysts, the research house reports that CFO Armelle Poulou indicated that patience was required at Gucci "where turnaround efforts are to be judged over time".

Oddo BHF also notes that the stock is trading at a multiple discount of around -25% to LVMH, which 'remains significant in view of a now lower earnings base, but reflects the uncertainty that remains over Gucci's turnaround potential'.

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