H&M

We believe revenue growth remained soft in H&M's Q2, driven by weak market data, reflecting softer consumer confidence and cold weather in April.

6:27

H&M släppte sin Q1-rapport i slutet av förra veckan, som inte bjöd på några överraskningar. Vilka utmaningar har H&M?

In our view, H&M’s Q1 report did not contain any major surprises. The overall narrative remains unchanged; the company continues to struggle to drive sales growth, while margin improvement is primarily supported by internal initiatives and external factors rather than top-line momentum. In our view, valuation levels remain elevated, and given the ongoing revenue concerns, we continue to view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and our target price to SEK 155 per share.