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Hermes profits expected from luxury group

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Analysis published on Thursday September 21, 2023

A little behind other luxury groups, Hermes is slowly starting to crack and is showing signs of feverishness while the title is sailing close to these absolute records. The latter were hit a few weeks ago at 2,051 euros per share, valuing the group at particularly high ratios.

We see that the small signs of nervousness are increasing. First of all, the main moving averages have been bearish for several months. So certainly the slope is slight but the fact remains that the trend is indeed there and the main level of technical support is threatened in the short term. We can envisage quickly reaching a first support at 1780 euros per Hermès share but it still seems very modest to us as a fallback objective.

In view of the configuration and the analysts who are gradually revising their price targets downwards, it seems reasonable to us to aim for a slightly wider movement of release and why not slightly below from 1600 per share. This would further enhance the file on a very generous basis, so there is space to continue the withdrawal movement. Oddo has just increased its price target from 2100 to 1967 euros, this is a first sign that we consider the file a little expensive given the context and the economic atmosphere in China in particular.


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