Barclays Upgrades LVMH, Kering, Sets €600/€300 Targets

Barclays raised LVMH to Overweight with price target €600 (up from €575) and Kering to Equal Weight with €300 target (up from €255).
LVMH and Kering shares rose 1% and 1.3% in Paris; LVMH trades at ~20x forward earnings, 16% below its historic average.
Barclays forecasts luxury sector 3% growth in 2026, stabilising at 4%, citing Tiffany (€7bn) and Dior (€8.9bn) as LVMH growth drivers by 2029.
Barclays projects Kering 8% revenue CAGR FY27‑29, EBIT margin 21.7% by FY29 and ~55% EPS CAGR, warning FY26‑27 estimates may be high.