Burberry share price: Burberry in the red following stock rating

Luxury retailer Burberry has fallen into the red in today’s session after Credit Suisse issued its stock rating.

Burberry share price: Burberry in the red following stock rating

Analysists, Credit Suisse, have noted its stock rating of Burberry (LON:BRBY) as ‘reiterates’ and has recommended an ‘outperform’ investment rating, setting the target price at 2200 p from 1850 points. As of 12.00 BST Burberry stood at 2256.00 points, down 0.27 per cent, compared to a more positive looking trajectory on the UK benchmark index, currently at 7576.64, up 0.18 per cent, after another flat start this morning.

Sales growth

Directors Talk observed on Wednesday that ‘this would imply the analyst believes there is a potential downside of 1-7 per cent of today’s opening price of 22.38 GBX’.  In July, Burberry announced that it would be collaborating with iconic designer, Vivienne Westwood, as reported in City A.M. A few days later, the luxury retailer announced sales growth of 3 per cent in the first quarter of its financial year.  

Other analysts on Burberry

There have been a number of different ratings on Burberry over the last few months and the consensus currently: ‘hold’. In July, UBS Group gave Burberry a neutral rating, as did JP Morgan, according to Market Exclusive. Citigroup reiterated a ‘neutral’ rating and issued 1970.00 points price objective in May. In June, HSBC increased its price objective to 1900.00p and gave it a ‘reduce’ rating, as reported in Press Oracle.  

As of 12:15 BST, Friday, 24 August, Burberry Group plc share price is 1,303.50p.

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