Bernstein downgrades Kering as it may 'run out of positive new news'

** Bernstein downgrades French luxury goods group Kering KER to "underperform" from "market-perform," advising clients to take profit as the stock may now be short on positive catalysts

** The brokerage states it is "prudent to take profit from Kering at this stage"

** The downgrade reflects the view that the stock "could run out of positive new news for a while," suggesting recent positive developments are now priced in

** Broker notes new CEO Luca De Meo has "hit the ground running" with key changes, but Kering's valuation multiple is now near the peak reached during its last Gucci "homerun"

** Future catalysts now depend on brand re-ignition and a revival of Chinese consumption, for which the broker believes there is "meagre evidence" so far

** Out of 24 analysts that cover Kering,four rate the stock "strong buy" or "buy,"13 "hold" and seven​ rate the stock "strong sell" or "sell"- LSEG data