Burberry: Stifel raises target price
(CercleFinance.com) - Stifel maintains its "buy" rating on Burberry shares, having increased its target price for them from 2,200 pence to 2,550 pence, judging that "the valuation remains attractive, despite the recent performance of its shares".
The broker says that the British luxury group looks set to significantly benefit from the reopening of China and the gradual recovery in Chinese overseas travel in the quarters ahead.
Stifel sees Burberry's strong balance sheet enabling it to announce a new share buyback program in May, underpinning a total shareholder return that exceeds the industry average.
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