Hennes & Mauritz：海恩斯莫里斯（HMb.ST）：根据近期外汇趋势和相关运营支出杠杆调整2025年第二季度/财年收益；目标价维持在125瑞典克朗，卖出-20250530
Goldman Sachs·2025-05-30 02:50
28 May 2025 | 5:19PM BST Hennes & Mauritz (HMb.ST) Updating 2Q/FY25 earnings for recent FX trends and related opex gearing; PT remains SKr125, Sell HMb.ST 12m Price Target: Skr125.00 Price: Skr139.15 Downside: 10.2% Ahead of the H&M May 2Q-end, we have updated our earnings for FX, reflecting a stronger Swedish Krona and the related adverse opex gearing (opex FX exposure c.75% of revenue exposure). For 2Q25E, we have reduced revenue growth to -4.3% (from -2.6%) driven by an FX impact of -5.2% (from -3.6%) an ...