Shares in French luxury goods company Kering have been downgraded by Morgan Stanley from a neutral weight rating to an underweight rating.
Kering owns brands such as Alexander McQueen, Balenciaga, Brioni, Gucci and Volcom and distributes in over 120 countries. Shares of the company opened at US$18.73 on Thursday.
Kering has a one year low of US$18.00 and a one year high of US$22.55. The stock has a 50-day moving average of US$20 and a 200-day moving average of US$19. The company’s market capital is US$23.65bn
A number of analysts have recently weighed in on Kering’s share value.
Kepler Capital Markets downgraded shares of Kering to a reduce rating in a research note on February 19. Analysts at Bryan Garnier & Cie downgraded shares to a neutral rating on February 18. CIC Securities downgraded shares of Kering from a buy to a hold rating in a research note on February 17.
However, in contrast to Morgan Stanley’s outlook, analysts at Goldman Sachs upgraded shares of Kering to a neutral rating in a research note published on March 26.