Hugo Boss rises as 'small beat' to Q1 EBIT provides relief

** Shares in Hugo Boss BOSS rise 1.9% in early Frankfurt trade after the German fashion house reports Q1 operating profit above expectations on lower costs

** J.P.Morgan notes that the small beat might provide relief to the shares this morning, given Hugo Boss valuation and share price performance so far this year

** "However we think that the sales mix and the source of the beat are not the best of quality and hence we would not chase a rally," the broker says

** The stock has shed a quarter of its value since the beginning of the year

** "BOSS's Q1 results are a necessary shot-in-the-arm for a stock struggling to emerge from the doldrums," Jefferies says

** The slight beat to consensus of both EBIT and EPS "should help underpin shaken investor confidence" and mark a near-term end to the earnings downgrade cycle, it adds