Hermes: Bank of America upgrades stock

(CercleFinance.com) - On Friday Bank of America upgraded its recommendation on Hermès to "buy" from "neutral", saying the luxury goods company's Q1 results should highlight the strength of its brand.


In a report on European luxury goods, the broker said its estimates for the group for the period 2021-2022 are now 10% above the consensus.

As such, it expects analysts' increased forecasts to continue to support the stock.

BofA notes that Hermès has outperformed the market by 450% over the past 10 years.

As a result, it has increased its target price for the share from 1,000 euros to 1,150 euros, representing upside potential of 21%.


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