MARKET TALK: Citigroup Raises Burberry Price Target

5th Jul 2010 10:12

0912 GMT [Dow Jones] Citigroup raises Burberry (BRBY.LN) target to 760p from 670p to reflect the upgrade to its March '12 EPS estimate to 46.7p from 42.7p. Notes the company's update on July 13 and says it expects 1Q '11 group underlying sales growth of 14%. Also forecasts reported sales of GBP259M, up 13% year-on-year. Post the recent market selloff, the shares trade at a slight premium to the peer group, but Citi says this is possibly justified by margin expansion potential and the upcoming initiatives aimed at strengthening the brand globally. Keeps at hold. Shares +0.5% at 743p.([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 05, 2010 05:12 ET (09:12 GMT)