(CercleFinance.com) – Goldman Sachs has raised its recommendation on the stock, and praises the defensive qualities of the stock.
In a study devoted to the luxury sector, Goldman indicates that it has increased its recommendation on Hermès from ‘sell’ to ‘neutral’, with a price target raised from 1514 to 2060 euros.
In its note, the American investment bank highlights the defensive status of the group’s activity, estimating that 52% of customers remain loyal to the leather goods brand.
The New York firm nevertheless deplores its ‘demanding’ market valuation, stressing that in terms of PER over a one-year horizon, the stock is still trading on the basis of a premium of 67% compared to its comparables, against already 69% in 2022.
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