While maintaining its 'buy' recommendation on Kering, UBS has reduced its price target from 460 to 415 euros, a new target that leaves a 19% upside potential for the stock, the day after a business update accompanied by a worse-than-expected outlook.

A new series of earnings declines will weigh on the stock, but we remain optimistic about Gucci's potential, given its high cyclicality in the current difficult environment for the sector", he affirms in his note on the French luxury group.

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