Burberry: down, analyst lowers target
UBS confirms its sell recommendation on the stock and lowers its target price to 1000 pence (from 1099 pence), which represents a potential downside of 25%.
' Burberry's retail outlets generate around 40% of its sales and around 60% of its EBIT, but also present a risk to its brand value strategy. We see further downside risk' says UBS.
Management now expects adjusted operating profit for the year to March 30, 2024 in the range of £410 million to £460 million, below previous forecasts.
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