(News Bulletin 247) – Oddo BHF maintains its outperformance rating on the Hermès share with an unchanged price target of 2,028 euros.
The analyst believes that growth in the second quarter will remain ‘very strong’. The description of the major trends by geographical area suggests fairly homogeneous growth in the 2nd quarter, and overall rather in line with the 1st quarter, when it came out at +23% year-on-year at constant exchange rates.
Oddo BHF reports that the group is cautious for the future but that its positioning is a guarantee of relative security.
In this context, the broker indicates to raise its annual estimates of EBIT by 1% and EPS by 2%, while remaining relatively conservative on the margin.
According to Oddo BHF, the resilient profile of the stock should be ‘an obvious asset as growth in the sector is set to slow down’.
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