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Hermès: Oddo BHF downgrades stock

( - In a report on European luxury stocks, Oddo BHF has downgraded Hermès shares from "outperform" to "neutral", after reducing its target price from E2100 to E1967, based on an enhanced beta coefficient.

The broker underlines that Hermès shares have risen by almost 30% YTD (outperforming the sector's rise of around +10%), and that the consensus also reflects annual EBIT forecasts of +3%/+5% above his own estimates.

The analyst says that he is not casting doubt on the share's resilient nature, although at the current levels of expectations and valuation, it becomes more exposed to any sector slowdown.

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