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Hermes: Deutsche Bank raises target price

( - Deutsche Bank on Tuesday raised its target price for Hermes shares to 1,530 euros (from 1,320 euros), while maintains its hold rating on the stock.

The company said that it is looking for a way to improve its performance in the coming months, but that it would not be able to find a way to do this without the help of a dedicated team of professionals.

"Hermes' unique brand positioning, higher China exposure (c.35-40% of sales) and
strong following from the most affluent Luxury consumers, should continue to
support strong earnings momentum," Deutsche Bank said.

However, the broker said it believes that other luxury players are better positioned for a reopening of the Chinese economy in the near term, both in terms of valuation and earnings, leading it to announce a neutral stance on the stock.

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