Here is the company report from Lucas following H&M’s Q3 
In our view, H&M’s Q3 report once again confirmed that the overall investment case has remained unchanged: revenue growth is weak, but profitability has improved thanks to strict cost control and a one-off customs benefit. We continue to emphasize the importance of reigniting revenue growth to achieve long-term sustainable earnings growth, especially as margin tailwinds begin to fade. Considering ongoing growth concerns—which were hardly alleviated by September’s rather modest guidance of 1% growth in local currencies—we still consider H&M’s valuation to be elevated. Against this backdrop, we continue to find the risk-reward profile unattractive and reiterate our reduce (myy) recommendation and target price of 150 SEK per share.