H&M : Target price reduced on higher opex and headwind from the USD
>Trimming our estimates and price target whilst maintaining our Underperform rating - We are reducing our price target to SEK 150 per share (from SEK 170 previously) as a result of cutting our estimates, mainly to include slightly lower revenues coming from the closures in Russia and Ukraine, higher opex and the latest FX impact. The impact from the Russia-Ukraine closures should be limited to c.3% and will take place mostly in 2022 although still with an impact in Q1...H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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