Oddo BHF maintains its 'neutral' rating on Hermès International shares, with a price target reduced from 1912 to 1858 euros.

While Oddo BHF is still forecasting organic growth of close to 10% for the Group in 2024, it has revised its EBIT estimates for 2024 and 2025 downwards by 3%, as it considers that "currency and cost increases are likely to weigh".

We continue to believe that the Group is not completely immune to the slowdown affecting the industry", stresses the broker, who points out that its new forecasts are now more than 5% below the Visible Alpha consensus.

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