Goldman keeps Sell rating for Hermès International stock

Published on 10/27/2026 at 09:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Third-quarter sales reached EUR 4.10 billion on October 22, 2026. Hermès stock costs EUR 1,269.00 on October 27, 2026, 0.94 percent below the Xetra close.

Analyst pressure and sales growth

Goldman Sachs maintained a Sell rating and set a EUR 1,340.00 target on October 23, 2026.
Third-quarter sales reached EUR 4.10 billion on October 22, 2026, up 5.50 percent at constant exchange rates.
Hermès International stock trades at EUR 1,269.00 at 9:40 a.m. CEST at Lang & Schwarz on October 27, 2026, 0.94 percent below the Xetra close of October 26, 2026.
Hermès International had a EUR 132.8 billion market capitalization as of October 27, 2026.

Hermès International, FR0000052292, Illustration mit AI erstellt.

Hermès International (FR0000052292) was trading at EUR 1,269.00 at Lang & Schwarz on October 27, 2026 at 9:40 a.m. CEST, 0.94 percent below the Xetra close of October 26, 2026 at EUR 1,281.00. Markets Insider reported on October 23, 2026 that Goldman Sachs maintained a Sell rating and a EUR 1,340.00 price target.

Sales growth meets a cautious rating

The latest operating update came from Hermès Finance on October 22, 2026. Third-quarter sales reached EUR 4.10 billion, up 5.50 percent at constant exchange rates and 4.30 percent at current exchange rates from the third quarter of 2025, according to the Hermès Finance release.

For the first nine months of 2026, revenue reached EUR 12.26 billion, versus EUR 11.92 billion in the same period of 2025. That equals 2.90 percent growth at current exchange rates and 5.50 percent at constant exchange rates, showing how currency movements reduced the reported pace.

What does growth mean for margins?

The margin picture remains a key investor test. In the first half of 2026, recurring operating income was EUR 3.35 billion and the recurring operating margin was 41.00 percent, compared with 41.40 percent in the first half of 2025, according to Hermès Finance.

The sales mix is uneven. Leather Goods and Saddlery revenue rose 10.20 percent at constant exchange rates in the first nine months, while Watches revenue fell 1.90 percent and Perfume and Beauty declined 0.70 percent. Asia-Pacific excluding Japan grew 1.60 percent at constant exchange rates, whereas the Americas advanced 13.10 percent.

Three dates frame the outlook

Chronology: on October 22, 2026, Hermès reported third-quarter sales of EUR 4.10 billion; on October 23, 2026, Goldman Sachs maintained its Sell rating with a EUR 1,340.00 target; on October 27, 2026, the stock stood at EUR 1,269.00 at Lang & Schwarz.

Upcoming dates are February 12, 2027 for the 2026 full-year results and April 22, 2027 for first-quarter 2027 revenue, both listed in the Hermès Finance agenda.

Stock valuation stays below the target

MarketScreener reported on October 23, 2026 that Berenberg cut its price target from EUR 1,850.00 to EUR 1,230.00 and downgraded Hermès from Buy to Hold. The contrasting targets put greater weight on the durability of leather-goods demand and the slower regional growth outside that division.

Hermès International had a EUR 132.8 billion market capitalization as of October 27, 2026. Its 52-week range was EUR 1,228.00 to EUR 2,276.00 on the same date, placing the Lang & Schwarz price 3.34 percent above the low and 44.25 percent below the high.

The further course of trading is shown by the continuously updated real-time quote of Hermès International stock.