MARKET TALK: Evolution Cuts Burberry To Neutral From Add

2nd Jul 2010 09:21

0821 GMT [Dow Jones] Evolution downgrades Burberry Group (BRBY.LN) to neutral from add. Says it has been the best performing stock in the sector over the last year and is now trading at a slight premium to its competitors. Lifts the price target to 740p from 720p. Still believes in the long-term growth potential for the group but sees some headwinds in FY '11. Also, thinks the end to its cost savings program will likely mean that other industry players have a chance to shine in the short to medium term. Says after its strong run, the market requires further visibility about the next leg of growth. Shares are -0.4% at 742p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 02, 2010 04:21 ET (08:21 GMT)