AlphaValue upgrades France's Kering as new CEO 'sets the pace'

** AlphaValue upgrades French luxury group Kering KER to "reduce" from "sell"; raises long-term growth forecasts

** Says new CEO Luca de Meo's opening moves strengthen confidence in co's turnaround

** Brokeage says the expected appointment of Francesca Bellettini as Gucci's new CEO is a "highly constructive" move for the brand's repositioning

** AlphaVaue also points to the strategic transfer of Valentino's eyewear business to Kering Eyewear as a signal of the new CEO's rapid pace of change

** Brokerage lifts PT to EUR 279 and lifts forecasts for top-line growth and profitability from late 2026 onward

** Shares rise 3.8% to 265.1 euros at 12.36 GMT, highest level since 6.5 months ago