Brokers note - Burberry
The broker says the results will lead to an upgrade to consensus forecasts but the level Investec moves to will depend on how confident it is about Burberry rebuilding gross margins. The broker retains its ‘Hold’ recommendation as it believes the shares are close to fair value to the luxury sector and at a 20 % premium to the general retail sector.
Investec has, however, placed its dated target price of 395p under review as it is somewhat adrift from the underlying share price of 565.5p following its 5% increase immediately after the results on Wednesday (October 14).
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