Hermès fell back on the stock market this Thursday, against the trend of the Paris market, despite a recommendation upgrade from Goldman Sachs, which praised the stock's defensive qualities.

Shortly before 2:00 p.m., the luxury house's shares - which had opened the session with gains of 1.8% - were down by around 0.1%, in a CAC 40 index that was slightly up by 0.1%.

In a study devoted to the luxury sector, Goldman indicated that it had raised its recommendation on Hermès from 'sell' to 'neutral', with a price target raised from 1,514 to 2,060 euros.

In its note, the American investment bank highlights the defensive status of the group's business, estimating that 52% of customers remain loyal to the leather goods manufacturer's brand.

The New York-based firm nevertheless deplores its 'demanding' stock market valuation, pointing out that in terms of PER over a one-year horizon, the stock is still trading on the basis of a 67% premium to its comparables, compared with already 69% in 2022.

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