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Hermes: UBS lowers target price

(CercleFinance.com) - The analyst confirms his buy recommendation on the stock, but lowers his target price for it to E2510 (from E2626) following the announcement of a solid first half.
This target represents 25% upside potential at its current level.

"RMS delivered solid Q2 organic sales growth of +13%, proving the resilience of its business model, worth paying for. Still one of our top picks," UBS says.

Operating income before non-recurring items came in at E3.1bn (42% of sales), and net income, group share was E2.4bn (32% of sales). Cash flow from operating activities was up 7% at E2.2bn.


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