Market Overview
- The stock of Hennes & Mauritz AB (H&M) closed on 11 February 2026 at SEK 188.2, within its 52‑week range of 120–189.3.
- The company’s market capitalization is 265 379 123 402 SEK and the current price‑earnings ratio is 27.76.
Analyst Update – Barclays
Barclays has reduced its rating of H&M to “undervalue” and maintains a price target of SEK 162. The downgrade reflects a reassessment of the company’s growth prospects relative to the sector. The rating change was announced on 13 February 2026.
Shareholder Activity – Persson Family
- On 12 February 2026, the Persson family purchased approximately 1.2 million shares for a total of 226 million SEK.
- The transaction was executed through Ramsbury Invest, the family’s holding company, on Nasdaq Stockholm between 9 and 11 February.
- The shares were bought at an average price of SEK 182.92 each.
- After this purchase, Ramsbury’s ownership stands at 1.06 billion shares, representing 66.09 % of the capital and 83.78 % of the voting rights.
- The family continues to acquire shares in large blocks.
Earnings Report – 29 January 2026
- H&M reported a quarterly operating profit that exceeded expectations by 14 %.
- Despite the strong operating result, analysts have revised their consensus for the company’s performance:
| Metric | Consensus Before | Consensus After | Change |
|---|---|---|---|
| 2026 sales | SEK 222 145 m | SEK 229 387 m | –3.2 % |
| 2027 sales | SEK 228 275 m | SEK 236 242 m | –3.4 % |
| Adjusted EBIT 2026 | SEK 19 957 m | SEK 20 031 m | –0.4 % |
| Adjusted EBIT 2027 | SEK 21 568 m | SEK 21 751 m | –0.8 % |
- The average analyst recommendation remains “Hold.”
- The average target price was lifted by 2.6 % to SEK 167.47 from SEK 163.22.
- The proportion of positive recommendations increased from 14 % to 15 %, while negative recommendations fell from 38 % to 33 %.
Implications for Investors
- The price target of SEK 162 set by Barclays is below the current market price, reflecting a cautious outlook.
- The consensus downgrade of sales and earnings forecasts, despite a solid operating result, signals expectations of slower growth in the coming periods.
- The persistent investment by the Persson family underscores a long‑term confidence in the business, even as analysts adjust their expectations.
The combination of a strong operating performance, a slight upward revision of the target price, and an analyst downgrade to undervalue indicates a mixed sentiment in the market for H&M. Investors should consider the updated forecasts and the family’s continued stake when evaluating the stock’s trajectory.
