(News Bulletin 247) – While maintaining its ‘hold’ recommendation, Stifel is adjusting its price target from 1,800 to 1,820 euros on Hermès, pending the publication of the luxury house’s results for the first half of the year on 28 July.
‘Hermès benefits from strong brand desirability and sales momentum, and offers the best visibility of our coverage with defensive characteristics to withstand a recession in the United States and a weakness in China’, underlines the broker .
‘However, the stock is trading significantly above its historical premium to its peers and the wider market, and it is advancing against a difficult third quarter comparison base, particularly in Asia Pacific’ , he nuances.
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