The Hermès group logo is visible in Zurich
Hermès fell on the stock market Monday after Jefferies lowered his recommendation on the title to “keep” against “buy”, citing concerns about potentially too large dependence of the French luxury group to its leather items
In Paris, around 08:40 GMT, the action of the manufacturer of the famous Birkin or Kelly bags lost 2.2% to 2,382 euros.
In a note, Jefferies analysts declare that, if they expect a solid second quarter publication for Hermès, a significant acceleration of growth is unlikely, despite prices firm in the United States and the efforts made to improve availability.
According to analysts, investors will focus on the question of whether group growth depends disproportionately on leather goods and upholstery, which they say, should surpass other categories.
“A more significant re-acceleration of growth in divisions other than leather could help convince of the highest multiple return,” add Jefferies analysts.
Jefferies also reduces its profit of profit per share per share for 2026 by 10%, to 3% below consensus, due to “opposite winds linked to exchange rates”.
The broker nevertheless reiterates his length of courses, at 2,460 euros.
(Written by Etienne Breban, with Anna Peverieri, edited by Augustin Turpin)
