Hermès: Stifel raises target price

(CercleFinance.com) - Stifel confirms its 'buy' recommendation on Hermès International shares, with a target price raised from E2560 to E2900, following a 2% increase in its sales and EBIT 2025-26 estimates after last Friday's better-than-expected annual results.


The growth differential between Hermès and the rest of the sector will remain significant in 2025, particularly in H1, the broker says, which points to untapped pricing power, high visibility in leather goods and a rich and loyal customer base.

While Hermès shares are trading on a 2026 P/E multiple of around 50x, above its average of 42x over the last ten years, Stifel considers this high valuation supported by first-class fundamentals.


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