Jefferies announced on Friday that it had initiated a buy recommendation on Hermès shares, with a target price of 2,650 euros.

In a note dedicated to the ultra-luxury market, the analyst points out that the leather goods manufacturer, alongside Ferrari and Brunello Cucinelli, is one of the "Magnificent Three" whose share price has risen by an average of 23% over the last 12 months, compared with a 12% decline for the luxury sector as a whole.

Jefferies explains this dynamism by the steady increase in the number of millionaires worldwide, which has grown by an average of 7% a year since 2000, compared to an average growth of 3.1% for global GDP over the same period.

While he believes that it will be difficult for these stocks to continue this good performance at current valuations, the intermediary is optimistic about the evolution of Hermès' margins and the expansion of its offer.

"All our data point in the direction of a remarkable brand dynamic and solid sales growth over the coming quarters", he stresses.

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