Rauli on tehnyt uuden yhtiörapsan H&M:stä. 
H&M’s Q2 was strong as sales grew and EBIT improved y/y and topped our forecasts, although they were in line with the consensus. H&M, however, sees more headwinds in H2 than previously and hence its EBIT margin target of 10% looks more challenging for this year, according to the company. We made only limited estimate changes on the back of Q2 and maintain our Reduce recommendation with a SEK 170 target price.