Berenberg downgrades Hermes to hold and cuts target to 1,230 euros
Berenberg cuts its rating on Hermes to hold from buy and lowers its target to 1,230 euros, citing slower sales and weaker demand in China.
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what happened
Berenberg has lost patience with Hermes and downgraded the French luxury goods maker to hold from buy. According to Market Talk, sales of the company's premium handbags, ready-to-wear and accessories cooled over the latest quarter, while softer demand in China added to doubts about a near-term rebound. The analysts say management is not making a persuasive case. In their words, they were again left with more questions than answers.
The target price on the Paris-listed shares falls to 1,230 euros from 1,850 euros. The stock closed nearly 5% lower on Thursday at 1,289.50 euros.
why it matters
For investors, the move signals that expectations for Hermes and the wider luxury sector depend heavily on Chinese demand, and that the timing of any sales recovery is now being questioned.
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sources
- Hermes's Wings Are Clipped — Market Talk, 23 October 2026 at 05:15 UTC
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