Kering has dropped 3% and thus underperformed the trend in Paris, with unfavorable comments from Stifel, which, while maintaining its 'hold' recommendation, has lowered its price target from 430 to 420 euros on the Gucci parent company's shares.

The broker reduces its EBIT projections by 2% for 2023 and 3% for 2024, based on slightly lower growth and margin assumptions, and considers that while the share looks cheap, it lacks catalysts for revaluation.

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