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Burberry: UBS raises target price

( - UBS maintains its neutral rating on the Burberry stock, while nudging up its target price for it to 2321p (from 2213p), after the group announced its Q3 2023 sales.

Q3 retail sales of 756 million pounds were 5% below expectations (£794m) and 6% below UBS estimates (£805m), the broker says.

Outside mainland China, same-store sales increased 11%, with EMEA, Japan, South Korea and South Asia-Pacific all posting double-digit growth.

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