Hermès downgrade by HSBC weighs on shares, CAC 40 tone turns cautious

Hermès International faces a more cautious analyst tone after HSBC downgraded the stock and cut its target. The shares traded around 1,589 euros on Euronext Paris late Tuesday, with the CAC 40 also lower.

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 18:56.

Hermès International (FR0000052292) is seeing a marked setback on Euronext Paris this Tuesday. HSBC downgraded the luxury group to hold from buy and cut its price target to 1,870 euros, according to MarketScreener and Reuters-style market coverage. MarketScreener on the HSBC note

HSBC turns more cautious

MarketScreener said HSBC does not expect a dramatic acceleration in second-quarter growth. The note also pointed to unfavorable currency effects, while the shares were quoted at 1,585.5 euros shortly before midday, down 2.1 percent on heavy volume.

That intraday move came with the CAC 40 down 0.7 percent at the same time. Hermès therefore underperformed the French blue-chip index, a clear local anchor for the session in Paris.

What the analysts say

The move fits a broader analyst pattern already visible on the day. Investing.com reported that Bernstein SocGen’s Luca Solca pointed to only a modest sequential improvement, while Jefferies, JPMorgan and Barclays all kept a cautious tone in recent notes. Investing.com on the analyst backdrop

MarketScreener also showed JPMorgan leaving Hermès at Neutral with a 2,000-euro target on June 22, while Jefferies kept a Buy rating but cut its target to 2,000 euros. The average target on MarketScreener stood at 1,996.41 euros in the latest snapshot. MarketScreener consensus page

The product behind the stock

Hermès sells leather goods, silk accessories, ready-to-wear, perfume, watches and homeware. The Birkin and Kelly handbag lines remain its best-known products and a key part of the brand's pricing power.

Where the shares trade

Hermès International shares (FR0000052292) traded on 2026-06-23, 18:07 on Euronext Paris at 1,589.00 euros.

Key data on Hermès shares

• Company: Hermès International SCA
• ISIN: FR0000052292
• Ticker: RMS
• Trading venue: Euronext Paris
• Price (as of 2026-06-23, 18:07): 1,589.00 euros
• Sector / industry: Consumer discretionary - luxury goods
• Index membership: CAC 40, Euro Stoxx 50, STOXX Europe 50, STOXX Europe 600

Disclaimer: This article is for information only and does not constitute investment advice.