Hermes upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Hermes to Neutral from Sell with a price target of EUR 2,060, up from EUR 1,514. The company has seen positive consensus earnings revisions over the past 12 months and ranks ahead of peers on this metric, the analyst tells investors in a research note. The firm says this has been driven by stronger than expected sales momentum relative to peers, which reflects Hermes’ exposure to a more resilient high-end cohort with greater spending power.