Hermès: A High-End Rebound Trade After an Overdone Geopolitical Dip
Hermès has taken a near-term hit from a risk-off market reaction to the Iran war. We view the move as excessive for a company with unique pricing power, resilient demand among ultrawealthy consumers, and low operational exposure to the conflict. This is a tactical long trade with a mid-term horizon to capture normalization and a re-rating as headli…