MARKET TALK: Evolution Raises Burberry Target Price

13th Jul 2010 11:42

1042 GMT [Dow Jones] Evolution Securities raises Burberry (BRBY.LN) target price to 780p from 740p following the company's 1Q update. Notes reported sales growth of 27% vs Evolution's expectation of 13%. Says this is the result of stronger than expected sales in Europe and Asia Pacific and a 51% rise in the wholesale division. Says: "Although it is early in the financial year, forecasts are likely to move up. They need to in order to justify the premium share price rating." Keeps the stock at neutral. Shares +0.6% at 795p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 13, 2010 06:42 ET (10:42 GMT)