European luxury stocks got a boost on Tuesday after HSBC Holdings Plc upgraded sector heavyweights LVMH and Kering SA on the expectation of a Chinese consumer comeback.

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Analysts led by Erwan Rambourg raised both stocks to buy from hold, saying both companies could see sales revive for the remainder of this year and “revert to decent, profitable growth” in 2026.

“Although American consumers face short-term hurdles in the fourth quarter, we think Chinese consumers are bound to become more engaged, and both should contribute to better growth next year,” the analysts wrote.

LVMH rose as much as 4% in Paris trading, while Gucci -owner Kering climbed as much as 4.6%. A Goldman Sachs Group Inc. basket of luxury-goods stocks gained as much as 2.4%, but is still more than

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