MARKET TALK: Evolution Lifts Burberry Price Target

16th Jul 2010 10:23

0923 GMT [Dow Jones] Evolution lifts Burberry (BRBY.LN) price target to 830p from 780p following the company's acquisition of its Chinese business from its franchisee. As a result, Evolution lifts '12 EPS forecast by 6% to 48.1p. It says the deal is expected to add GBP20M to group operating profits in FY '11/'12. Strategically, the deal will enable Burberry to ensure the brand is presented to consumers in a consistent manner and will also give the company full control of the expansion of the business, says the brokerage. Keeps at neutral. Shares are +2.9% at 813p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 16, 2010 05:23 ET (09:23 GMT)