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Burberry takes another tumble after UBS downgrades its stance
Evening Standard
|October 03, 2023
OUT-OF-FASHION Burberry shares were hit by more heavy selling today after a leading City bank downgraded its stance on the luxury goods group.
Despite positive reviews for the collections of creative director Daniel Lee at September’s London Fashion Week, the FTSE 100-listed stock has fallen 15% over the past month.
Today’s latest decline of 47p to 1846.5p came as UBS analysts switched their recommendation from “neutral” to “sell” and cut their price estimate to 1614p.
Shares across the sector have been squeezed by disappointment over the pace of China’s economic recovery, although in the case of Burberry the bank is worried its turnaround ambitions may require much more investment in order to succeed.
Esta historia es de la edición October 03, 2023 de Evening Standard.
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