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Hermes: Credit Suisse raises target price

( - Credit Suisse has raised its target price for the Hermes share to E700 (from E660), although confirms its neutral rating.

"We adjust our FY20e organic sales forecast to -13% from -9% previously and cut our FY20e operating profit by 14% to E1.6bn," the broker says.

"Our FY21-22e operating profit estimates decrease by a % average largely due to currency. Our FY22e organic sales and operating profit numbers now
sit 17% and 11% above FY19 levels," Crédit Suisse adds.

"We forecast -6% organic sales in 3Q and +2% in 4Q. We forecast operating margin to return close to FY19 levels by FY22e".

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