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Hermes: UBS still a buyer

( - The analyst believes that the group's solid Q1 performance was overshadowed by the industrial context.
He confirms a Buy recommendation on the stock, leaving his target price unchanged at E2,753, which represents 20% upside potential.

"Strong Q1 with DD sales growth as a testimony of the unique business model. RMS remains one of our favourite names in the sector in the current slowing context", UBS says.

Q1 sales of E3,805m were 3% above consensus of E3,683m (4% over UBSe at E3,661m), with c. FX sales growth of +17% versus +13% for consensus (UBSe +12%), the broker adds.

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