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Hermès: Barclays cuts target price

( - On Wednesday Barclays cut its TP for Hermès shares from E2410 to E2320, while maintaining its 'overweight' recommendation on the stock.

In a research note, the analyst says that he has lowered his earnings forecasts for the luxury house, which he does not consider immune to the slowdown in demand, against a backdrop of difficulties in China and an unfavourable base effect.

Despite this difficult environment for the luxury sector, the broker nevertheless expects Hermès to continue to outperform the market, even though it only expects organic growth of 11% in Q2, compared with +17% in Q1.

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