(News Bulletin 247) – Stifel maintains its ‘hold’ rating on Hermès shares with a price target raised from 1,730 to 1,800 euros.
The analysis office is indeed increasing its forecasts by 3% for sales and EBIT for the 2023-2024 financial years.
‘Hermès offers the best fundamentals in the sector, strong brand desirability, strong sales momentum and proven resilience during past recessions’, underlines the analyst.
The broker is now modeling +17% organic growth for 2023 (versus +14% previously) with an EBIT margin of 40.8% broadly unchanged (+30bp year-on-year).
Indeed, Hermès achieved strong organic growth (+23%) in its sales in 1Q23, well ahead of the consensus (+16%).
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