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Hermes: Invest Securities cuts target price

( - The broker has confirmed its sell rating on the Hermes share, while cutting its corresponding target price to 550 euros (against 590 euros).

Hermès' model is definitely resilient, however even though the Covid-19 crisis is hitting the group less than its peers (Q1 organic sales: -7.7%), it could see a point that has made a structural difference fizzle out from now, i.e. regular growth, Invest Securities says.

Hermes is one of the few shares in the CAC 40 to increase since the start of 2020. Investors believe that the Chinese rebound this will follow will be as productive as was the case in 2009. However, it is uncertain whether compulsive purchases after a long period of lockdown would support growth over the MT, the broker adds.

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