Since he announced his departure from Exane BNP Paribas, the small world of finance Luca Solca, who arrived at Bernstein in 2009, assassinated Kering for the first time.

Bernstein’s Luca Solca downgraded Kering shares to a “market perform” rating from an “outperform” one based on Sabato De Sarno’s Gucci  follow a activity, and a flurry of management and creative changes at the French group.

Solca cut Kering’s share price target to 492 euros from 582 euros, saying “there was no big bang” in Milan. Bernstein’s team did not see enough on Gucci’s spring 2024 catwalk to signal a “fast and material reacceleration.”

Gucci’s full-year 2024 growth expectations were also downgraded to 2 percent from 6 percent by Bernstein. In Wednesday’s trading, Kering shares closed at 421 euros.

LVMH Mot Hennessy Louis Vuitton, however, was rated outperform by both RBC Capital Markets and Bernstein, bankers always talk to bankers.