The analyst believes that the Group's solid first-quarter performance was overshadowed by the industrial context. He confirms his Buy recommendation on the stock and leaves his target price unchanged at E2,753, which represents a potential upside of 20%.

' A solid first quarter with sales growth as a testimony to our unique business model. Hermès remains one of our favorite sector stocks in the current slowdown' says UBS.

' First-quarter sales of 3,805 million euros were +3% above consensus at 3,683 million euros (+4% for UBSe at 3,661 million euros), with c.FX sales growth of +17% versus +13% for consensus (UBSe +12%) ' adds the analyst firm.

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