Hermès: Berenberg raises target, remains overweight

(CercleFinance.com) - Berenberg announced on Friday that it had raised its price target for Hermès from 2330 to 2600 euros, while renewing its buy recommendation on the stock.


In a study devoted to European luxury specialists, the research firm believes that global economic conditions should continue to determine the sector's performance this year.

In its opinion, disappointing Chinese growth combined with consumer trends in the US, not to mention the stimulus measures in China and the Trump administration's trade policy, are likely to generate volatility.

We believe that the market is overestimating the impact of possible tariffs in the US, ignoring the fact that this will be offset by the strength of the dollar, but is underestimating the difficulties faced by China", adds the analyst.

Against this backdrop, Berenberg continues to favor companies gaining market share, such as Brunello Cucinelli, Hermès and LVMH, expecting their valuations to remain high in view of the scarcity of growth-oriented issues within the Old Continent.

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