Burberry: Stifel raises target price

(CercleFinance.com) - Stifel maintains its "buy" rating on Burberry shares, nudging up its target price for them to 2,600 pence (from 2,550 pence), which implies 12-month upside potential of 10% for the British luxury goods company's shares.


The broker has raised its adjusted EBIT forecast for FY 2023 by 3% to £625m, due to higher comparable retail sales growth assumptions (+14%) for Q4 and leverage on operating expenses.

"Sequential acceleration in Asia (driven by China) and strong growth contribution from American tourist purchases in Europe should have more than offset softening US luxury demand," the broker says.


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