UBS has reaffirmed its 'buy' recommendation on Hermès International, with a price target lowered from €2,750 to €2,626, a new target that still offers 20% upside potential for the luxury house's shares.

Hermès should show resilience in the first half of the year, even if it is not completely immune to the slowdown of the sector in the APAC (Asia-Pacific) region", says the broker, adding that he remains Buy on the stock in view of its recent weakness.

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