H&M: Credit Suisse cuts target price
(CercleFinance.com) - Credit Suisse confirms its underperform rating on the H&M share, while reducing its target price to 121 Swedish kronor (from 132 Swedish kronor; current price: 135.
8 Swedish kronor).
"We still remain relatively cautious of H&M, as we believe that the move to negative space growth demonstrates the need to accelerate store restructuring and that valuations look demanding given the lack of L-T growth," Crédit Suisse says.
"We don't forecast store sales densities improving materially and remain cautious on M-T margins and cashflow," it adds.
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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.
8 Swedish kronor).
"We still remain relatively cautious of H&M, as we believe that the move to negative space growth demonstrates the need to accelerate store restructuring and that valuations look demanding given the lack of L-T growth," Crédit Suisse says.
"We don't forecast store sales densities improving materially and remain cautious on M-T margins and cashflow," it adds.
Copyright (c) 2020 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.