H&M: shares weaker after broker cuts target price.
(CercleFinance.com) - Shares in H&M, the world's second largest fashion retailer, are down 0.
25% at 198.5 Swedish kronor on Nasdaq Stockholm's OMXS30 index today, as Barclays Capital cuts its target price for the share to 190 Swedish kronor from 200 Swedish kronor.
"H&M third-quarter has the potential to materially disappoint in our view," BarCap writes.
"While there has been some promotional activity earlier in the year, this has not made a significant dent in the inventory position which stands at 16.1% of sales," the broker adds.
The brokerage firm also cut its 2017 and 2018 earnings estimates by 6% and 9% respectively.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
25% at 198.5 Swedish kronor on Nasdaq Stockholm's OMXS30 index today, as Barclays Capital cuts its target price for the share to 190 Swedish kronor from 200 Swedish kronor.
"H&M third-quarter has the potential to materially disappoint in our view," BarCap writes.
"While there has been some promotional activity earlier in the year, this has not made a significant dent in the inventory position which stands at 16.1% of sales," the broker adds.
The brokerage firm also cut its 2017 and 2018 earnings estimates by 6% and 9% respectively.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.