H&M Shares Soar 15% on Strong Earnings and 2024 Target Confirmation Despite Analyst Skepticism
• H&M shares jump over 14% to SEK175.86 after reporting market-beating earnings and backing 2024 guidance • Sales in February boosted by well-received spring collections; sales up 2% in March so far • Shares up 44% over past 12 months • Bernstein analysts unconvinced by 2024 guidance, believe it is challenging • H&M would need to raise prices significantly and take volume hit to meet target