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H&M: Credit Suisse adjusts target price

( - Credit Suisse maintains its "underperform" rating on H&M shares, trimming its target price for them from 142 Swedish kronor to 140 Swedish kronor, the day after the Scandinavian fashion chain's Q1 trading update.

"With 1Q margins looking soft (CS 2.7%), consensus expectations of double digit EBIT through the rest of the year look very challenging," the broker said, cutting its full-year estimates by around 3%.

It says that the environment continues to deteriorate with shop closures in Russia, sales and logistics risks in China, a weaker consumer environment in Europe and a sharp rise in input costs in the second half of the year.

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