Burberry: Bryan Garnier still a seller, but target price up.

(CercleFinance.com) - Bryan Garnier is maintaining its “sell” rating on Burberry, while raising its fair value from 1,430 pence to 1,490 pence, the day after the upmarket clothing company unveiled its annual results.


Following this publication, the broker has raised its estimates for the British group over FY 2017-18 by 4%, given higher results in 2016-17 and positive effects from the group's cost savings program.

However, the broker says, "We are maintaining our Sell recommendation as we still prefer others luxury groups in our sample," for whom it is too early to count on Burberry's recovery.


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