SB1 Markets repeats a neutral rating for fashion company H&M with a price target of SEK 170.
The bank continues to see weak sales and expects the previous margin tailwind to fade, partly due to higher costs for digitalisation, transportation and raw materials. Estimates for net profit in 2027-2028 are lowered by 1-2 percent.
The analysts also point out that the stock trades at a clear premium to sector peers despite lower operating margins.
