While maintaining its 'neutral' position, UBS has drastically reduced its target price on H&M (Hennes & Mauritz) from SEK 187 to SEK 148, following last week's announcement of a change of CEO.

'The new CEO, Daniel Erver, inherits the same old questions about sales growth and profitability. We expect to see his reflections in the coming months', says the broker in its note on the Swedish clothing chain.

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