UBS cuts Hermès target to EUR 1,168 for Hermès International stock

Published on 10/12/2026 at 09:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue reached EUR 8.16 billion in first half 2026, up 1.60 percent. Hermès International stock costs EUR 1,300.75 on October 12, 2026 versus EUR 1,285.50.

Key points in brief

UBS downgraded Hermès to Sell and cut its 12-month target from EUR 1,695.00 to EUR 1,168.00 on October 5, 2026.
First-half 2026 revenue reached EUR 8.16 billion, up 1.60 percent at current exchange rates and 6.10 percent at constant rates.
Hermès stock was trading at EUR 1,300.75 at Lang & Schwarz on October 12, 2026, 1.19 percent above the October 9 Xetra close of EUR 1,285.50.
Third-quarter 2026 sales are scheduled for October 22, 2026.

Pariser Ledersattler stitcht Luxustasche im Atelier – Hermès International FR0000052292 — Hermès International FR0000052292 Pariser Ledersattler näht präzise eine elegante ungebrandete Luxustasche in warmem Atelierlich, Illustration mit AI erstellt.

Hermès International (FR0000052292) was trading at EUR 1,300.75 at Lang & Schwarz on October 12, 2026 at 9:41 a.m. CEST, 1.19 percent above the Xetra close of October 9, 2026 at EUR 1,285.50. UBS downgraded the luxury group to Sell and reduced its 12-month price target from EUR 1,695.00 to EUR 1,168.00 on October 5, 2026, according to ADVFN. The target change puts growth and margin assumptions ahead of Hermès' third-quarter sales update.

Three dated Hermès milestones

On April 17, 2026, shareholders approved an ordinary dividend of EUR 18.00 per share for fiscal 2025, including the EUR 5.00 interim payment, according to Hermès Finance. On July 29, 2026, Hermès reported first-half revenue of EUR 8.16 billion, up 4.80 percent in the second quarter, as reported by Ideal Investisseur. On October 5, UBS set the new EUR 1,168.00 target, making the analyst action the latest dated milestone.

What does the target cut change?

The answer is visible in the growth math. Hermès' first-half 2026 revenue rose 1.60 percent at current exchange rates to EUR 8.16 billion, while constant-currency growth was 6.10 percent, according to Hermès Finance. Current operating margin was 41.00 percent, net income attributable to the group was EUR 2.24 billion, and adjusted free cash flow reached EUR 2.18 billion for the same period. The figures show a profitable business, but the analyst case now assigns greater weight to slower expansion rather than to margin deterioration already visible in the reported period.

UBS forecasts 2027 operating margin at 38.30 percent, 2.70 percentage points below Hermès' first-half 2026 level, and organic sales growth at 5.00 percent. Its third-quarter revenue forecast is EUR 4.10 billion with 5.00 percent organic growth, according to ADVFN.

Dates for the next results

Hermès will present third-quarter 2026 sales on October 22, 2026 at 8:00 a.m. CEST. The company has scheduled full-year 2026 results for February 11, 2027, according to Hermès Finance. These dates give investors the next two operating checkpoints after the UBS revision.

Stock remains above the Xetra close

Hermès International was trading at EUR 1,300.75 at Lang & Schwarz on October 12, 2026 at 9:41 a.m. CEST, up EUR 15.25 or 1.19 percent versus the Xetra close of October 9, 2026 at EUR 1,285.50. Its market capitalization was EUR 137.2 billion, while the 52-week range stood at EUR 1,252.50 to EUR 2,276.00 as of October 12, 2026.

The further course of trading is shown by the continuously updated real-time quote of Hermès International stock.