(CercleFinance.com) – Oddo BHF reaffirms its ‘underperform’ opinion on Burberry, with a price target lowered from 1722 pence to 1500 pence, in the wake of a further significant downward revision of its forecasts for the luxury house British.
Beyond the downward revision of the results for the next financial years, the research office adopts more prudent assumptions in its valuation by DCF reflecting the precariousness of the group’s competitive position.
‘Burberry must continue to invest in the relaunch of the brand which goes hand in hand with the new direction taken in terms of style, but does not seem to benefit at this stage from favorable commercial momentum,’ believes the analyst.
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