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Burberry: UBS cuts target price again

( - UBS confirms its sell rating on the stock, while reducing its target price for it to 1000 pence (from 1099 pence), which represents 25% downside potential.

"BRBY's outlets generate an estimated~40% of its sales and ~60% of its EBIT, but also pose a risk to its brand elevation strategy", UBS says.

Management now expects adjusted operating profit for the year to 30 March 2024 to be between £410m and £460m, below previous forecasts.

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