Burberry: UBS still on hold

(CercleFinance.com) - The broker maintains its neutral rating on the Burberry stock with a target price of 1,838 pence (current price: 2,057 pence, +0.
7%) following its H1 earnings call (period ended 1 October 2022).
UBS believes that the quarter was pretty much in line with expectations.

Q2 LFL retail sales increased 11%, ahead of expectations (+8% and UBSe +9%). H1 adjusted EBIT was 238 million pounds, vs. 234 million pounds expected and UBSe of 233 million pounds), with an adjusted EBIT margin of 17.7% in line with expectations (UBSe 17.3%), analysts said.

Burberry adds it has set a new medium-term target of 4 billion pounds in sales at constant exchange rates, with high single-digit growth.



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