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Hermès: Goldman upgrades to 'neutral'

( - Goldman Sachs has upgraded its rating on the Hermès share from "sell" to "neutral" on Monday, citing the defensive qualities of the French house, coupled with a strong balance sheet.

In a note on the European luxury goods sector, the broker said it expects Hermès to see an average sales decline of just 17% at constant currency this year, outperforming its industry forecast of -30%.

Goldman Sachs thinks that Hermès operates with strict supply policies, typically limiting volumes relative to demand, which could help smooth its results when the macro environment becomes more challenging.

The broker maintains its 12-month target price at 620 euros.

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