Burberry: Berenberg initiates coverage with 'hold' rating

(CercleFinance.com) - Berenberg has initiated coverage of Burberry shares with a "hold" rating and a target price of 1,820 pence, as part of a report on European luxury goods groups.


"Looking through Covid-19 disruption, we take a step back and frame our stock-picking around the core attributes of a structural "winner" in luxury," the German broker wrote.

Berenberg said its framework highlights names that can best navigate near-term disruption, and emerge stronger and better positioned to capture the attractive longer-term opportunity of the sector, citing France's LVMH and Kering as shares to hold.

Burberry shares are trading up 1.7% on the London Stock Exchange on Tuesday.

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