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Hermes: Invest Securities still a seller

( - Invest Securities confirms its sell rating on the Hermes share, with a target price of 550 euros.

No luxury model - even Hermes - is immune to an unprecedented crisis in which both supply and demand are simultaneously affected. For the first time in ages H1 2020 should see a double-digit fall in sales, analysts say.

Those who remain nostalgic about the share will point out that the company retains a relative advantage over its peers by cushioning the shock of the Covid 19 crisis. This may be the case, however, this advantage is so dearly priced in that it is no longer decisive. This is especially the case when adopting a scenario where even in the event of a major recovery, Hermes' growth would only be in line with the trajectory of brands whose momentum is increasingly based on gains in market share, the broker adds.

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