Burberry: penalized by broker downgrade

(CercleFinance.com) - Burberry is down nearly 2% and thus underperforming the trend in London, under the weight of a downgrade by Jefferies from 'hold' to 'underperform' with a price target lowered by 39% to 490 pence, in a sector note.


Pointing to a "turbulent autumn for luxury goods", the broker lowered its estimates for the British house by 15%, which it said "reflects the uncertainties stemming from a brand positioning in need of recalibration".

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