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Burberry: Jefferies downgrades to 'underperform'

( - Jefferies has raised its target price on British luxury brand Burberry to 2,000 pence from 1,800 pence but has cut its rating from "hold" to "underperform" after the stock jumped by over 14% yesterday.

The stock has reacted to better-than-expected sales numbers and upbeat comments on the current performance of the new logo product by adding more than 1.2 million pounds in market cap, the broker noted.

"Much as we remain supporters of Burberry management strategy, we think the stock now prices in a very optimistic scenario and trades at a significant premium to peers in the absence of a very strong 2020-2021 performance", it wrote.

"Visibility is limited and the magnitude of ongoing challenges do not support this premium at this time", it added.

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