Hermès: Stifel raises target price

(CercleFinance.com) - While maintaining its 'hold' rating on Hermès shares, Stifel has raised its target price for them from E1950 to E2100, after raising its EBIT forecasts for 2024-25 by 4% following the luxury house's annual results announced last week.


"Average pricing is decelerating in 2024 for the sector, but
accelerating for Hermès from +7% in 2023 to +8-9% in 2024, further enhancing its earnings visibility", the broker highlights in its summary.

Stifel remains "tactically constructive on Hermès given that its proven defensive attributes tend to shine when the sector growth decelerates: this should be especially pronounced during the 1Q24 earnings season", which it expects to be particularly pronounced during the Q1 earnings season.


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