Kering is downgraded at Erste Group with sales expected to drop

Erste Group downgraded Kering SA (OTCPK:PPRUF) to a Maintain ranking on Tuesday from its prior place of Purchase.

The agency warned that Kering SA (OTCPK:PPRUF) will obtain decrease gross sales and earnings progress in 2023 than within the earlier yr. It was additionally solely famous that consensus estimates for gross sales and income have weakened in current months. The longer-term outlook for Kering SA (OTCPK:PPRUF) is that progress charges is not going to be excessive once more till 2024.

By way of valuation, Erste Group stated the luxurious inventory has the next price-to-earnings ratio than the sector common.

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