Kering upgraded to Overweight, named Top Pick in Luxury at Morgan Stanley

Morgan Stanley upgraded Kering (PPRUY) to Overweight from Equal Weight with a price target of EUR 370, up from EUR 250 while also naming it as the analyst’s Top Pick in luxury goods. More Creative Directors are currently debuting at leading personal luxury goods brands than “at any point in time over the past 30 years,” notes the analyst, who is reshuffling the firm’s order of preference rather than going “all-in” for the luxury sector. After six years to 2023 of the sector growing significantly faster than its historical long term growth rate, the firm still sees a “hangover” period that will last about three years, the analyst noted.