(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Burberry with a price target raised from 2,550 to 2,600 pence, implying a potential total return of 10% over the next 12 months for the title of the British luxury house.
It raises its adjusted EBIT projection for the full year 2023 by 3% to 625 million pounds, due to higher like-for-like retail sales growth assumptions (+14%) for the fourth accounting quarter and leverage on operating expenses.
‘A sequential acceleration in Asia (driven by China) and a strong contribution to the growth of American tourist purchases in Europe should more than offset a weakening in luxury demand in the United States’, estimates the broker.
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