RBC cuts H&M forecasts on weaker German consumer demand
RBC cut its earnings-per-share forecasts for H&M by 2% to 3% for 2026 and 2027, citing lower like-for-like sales assumptions and higher operating costs. For 2027 and 2028, it trimmed earnings forecasts by 6% and reduced its price target to 95 pence from 100 pence. The bank noted German store sales down nearly 4% year to date, while online sales rose 4% year on year.