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TUI: Berenberg remains 'positive' after profit warning

( - Berenberg remain positive about TUI, despite the German tourism company's unexpected profit warning last seek, which has led to the market cutting its expectations by about 10%.

In a note to clients, the broker said it maintains a "buy" rating on the stock, with a target price of 1,500 pence.

"We believe that, at the current share price, the airline and the tour operator divisions have a negative embedded value," it wrote in the report.

"Despite the current challenges, we believe that is wrong," Berenberg added, noting that its target price still suggests upside potential of over 50%.

The shares of TUI are currently up 4.3% at 952,5 pence in London.

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