Hermès: Berenberg still a buyer, raises TP

(CercleFinance.com) - On Monday Berenberg raised its TP for Hermès International shares from E2,600 to E2,950, while maintaining its buy recommendation on them.


In a morning note, the German broker highlighted the "quiet confidence" displayed by the Parisian luxury group.

It believes that its 2024 results confirmed the strength of its "unique" business model, which enables it to generate first-rate financial performance, thanks to a powerful brand that remains unaffected by fluctuations in economic conditions.

The real question that arises from Q4 figures is whether a new favourable cycle is opening up for the luxury goods sector, or whether this is simply a normalisation after a poor Q3, Berenberg asks.

According to the broker, January's sales do not really add much more, which creates a climate of uncertainty in view of Q1 results, to be published in April.

In such an environment, despite its valuation, Hermès' strengths remain undeniable, it concludes.


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