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Jefferies initiates coverage of Hermes with "Buy" rating

Investing.com -- Hermes (EPA:HRMS) has a "dynamic product innovation pipeline" that will help support sales and boost profit margins, analysts at Jefferies said on Friday.

In a note on Friday initiating their coverage of the luxury giant with a "Buy" rating, the analysts added that they are "mapping out an ongoing double-digit compounding of sales growth at an operating margin of [greater than] 40%."

"All our [...] data points to remarkable brand heat, and strong top-line delivery in the quarters ahead," the analysts noted. They placed a price target of 2,650 euros on the stock.

In April, the French group reported a quarterly revenue of 3.81 billion euros, up 17% at constant exchange rates and 13% at current exchange rates. All the geographical areas posted double-digit growth, with Asia excluding Japan expanding 14% despite softer traffic in Greater China following the Chinese New Year.

Looking ahead, Hermes said it has moved into 2024 with confidence. In the medium term, it confirmed "an ambitious goal for revenue growth at constant exchange rates."

Paris-listed shares in Hermes were marginally higher in afternoon trading.

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