@lucas.mattsson has written a preview company report as H&M publishes its results next week on Thursday. 
H&M will release its Q2/25 results (March-May) on Thursday, June 26th at 9:00 AM Finnish time. Although H&M’s turnaround is progressing, we believe its visibility in Q2 will be limited due to modest sales growth and continued headwinds in gross margins. We estimate that valuation multiples remain high, so we see little upside potential over a 12-month horizon. Therefore, we reiterate our Reduce recommendation and a target price of SEK 130 for the stock.