The analyst confirms his buy recommendation, but lowers his price target to E2510 (from E2626) following the announcement of 'a solid first half'. This target represents a potential upside of 25% compared with the current share price.

"Hermès recorded solid organic sales growth of +13% in Q2, proving the resilience of its business model, which deserves to be valued at this price. The stock remains one of our top picks," says UBS.

Operating income before non-recurring items came in at €3.1 billion (42% of sales), and net income, group share was €2.4 billion (32% of sales). Cash flow from operating activities was up 7% at 2.2 billion euros.

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