(AOF) – In a sector note, JP Morgan maintains its Neutral recommendation on Hermès by raising its price target from 1950 to 2050 euros. “Hermès is focused on the products with the highest prices, with a significant part of its activity generated by the most profitable products (leather goods and silk). As such, it has the highest margins among listed companies” , underlines the design office.
JP Morgan further explains that “Hermès has tended to weather the storm better than its peers due to the high appeal of its products (Kelly and Birkin bags, attract long waiting lists: more than one year for the most coveted bags). All these characteristics justify a premium compared to the sector average. However, they are already taken into account in the current valuation.
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