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Hermes: Oddo raises guidance for Q3

( - Oddo says that demand remained very strong for the group's creations in Q3.

As a result, the analyst has raised his Q3 forecasts (2-year growth to 30% from 25%), although has left his annual forecasts unchanged.

The proven strong performance of Europe and the US in Q3 has led the broker to raise its sales forecast from 2,114 million euros to 2,191 million euros to reflect a 2-year growth rate of 30% - compared with 25% previously - which is only slightly lower than the +33% published for Q2, it says.

In the end, its new FY 2021/2022/2023 estimates for sales/EBIT/EPS are virtually unchanged. It stil expects average annual sales growth of around 12% LFL in 2020-2022, the analyst adds.

Oddo confirms its Outperform rating on the stock and maintains its target price at 1300 euros. The group remains one of the best placed in its industry at this stage.

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