UBS cuts target for H&M stock from SEK 168 to SEK 163
Published on 10/22/2026 at 09:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst target and margin
- UBS cut its H&M target from SEK 168 to SEK 163 on September 29, 2026.
- Third-quarter operating margin reached 10.60 percent after operating profit rose to SEK 6,037 million.
- H&M stock trades at EUR 15.53 at 9:41 a.m. CEST at Lang & Schwarz on October 22, 2026, 0.19 percent below the Xetra close of October 21, 2026.
- The full-year report is scheduled for January 28, 2027.
UBS cut its price target for H&M from SEK 168 to SEK 163 on September 29, 2026, while keeping a Neutral rating, according to FinanzNachrichten. H&M (ISIN SE0000106270) had reported stronger profitability in its third quarter.
Margin improves while sales stay modest
In the third quarter from June 1 through August 31, 2026, H&M increased net sales to SEK 57,189 million from SEK 57,017 million. Sales in local currencies rose 1 percent year over year, while operating profit reached SEK 6,037 million compared with SEK 4,914 million in the prior-year quarter, according to the H&M Group.
The operating margin therefore rose to 10.60 percent from 8.60 percent. H&M said a one-time effect related to tariffs and goods imports contributed 1.60 percentage points, making the quality of the margin improvement more important than the headline profit increase.
What changed across three dates
On September 24, 2026, H&M reported third-quarter operating profit of SEK 6,037 million. On September 29, 2026, UBS lowered its target from SEK 168 to SEK 163. On October 22, 2026, the stock was trading at EUR 15.53 at Lang & Schwarz.
Which dates come next
H&M's next scheduled reporting date is January 28, 2027, for the full-year report covering December 1, 2025 through November 30, 2026. The company also lists March 24, 2027, for its three-month report.
Why the target cut matters
UBS kept its Neutral view because cost control was strong but sales momentum had not yet improved, according to the September 29, 2026 report. H&M's nine-month operating profit still rose to SEK 13,462 million from SEK 12,031 million, while the nine-month operating margin increased to 8.30 percent from 7.10 percent.
Stock trades below Xetra close
H&M stock was trading at EUR 15.53 at Lang & Schwarz on October 22, 2026, at 9:41 a.m. CEST, 0.19 percent below the Xetra close of October 21, 2026 at EUR 15.56. The separate Nasdaq Stockholm quote was SEK 173.25 at 9:48 a.m. CEST on October 22, 2026.
The further course of trading is shown by the continuously updated real-time quote of H&M stock.
H&M stock facts
- Company: H & M Hennes & Mauritz AB (publ)
- ISIN: SE0000106270
- Ticker: HM-B.ST
- Primary exchange: Nasdaq Stockholm
- Price Lang & Schwarz (as of October 22, 2026, 9:41 a.m. CEST): EUR 15.53
- Change versus Xetra close: minus 0.19 percent
- Xetra close (October 21, 2026): EUR 15.56
- Market capitalization: SEK 242.9 billion (as of October 22, 2026)
Market context: Market report OMXS30.
