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Hermès: Oddo downgrades stock

( - Oddo has downgraded its previous buy rating on the Hermès share to neutral and also remains cautious about Richemont.

The broker says that the extent of Hermès' outperformance in recent months is, however, problematic for us: it is now up over 15% since the start of the year, despite an inevitable decline in earnings this year and a short-term trend that will not be able to significantly differentiate itself from that of the sector (boutiques closed for a large part of Q2, revenues on reopening penalised by the lack of spending by tourists).

Amongst other stocks, analysts say that Richemont seems to be particularly at risk after the recent sharp rebound, as there are still questions around when there will be an end to the crisis in hard luxury, they add.

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