@Rauli_Juva on raapustellut uuden lyysin H&M:stä Q3:sta (1 JUNE 2024 – 31 AUGUST 2024). 
H&M delivered weaker-than-expected earnings for Q3. While September sales growth was a positive data point, we see margin headwinds continuing in Q4 and do not expect the company to reach its 10% EBIT margin target in 2025 either. We maintain our Reduce recommendation and target price of SEK 170.