Jefferies downgraded Burberry to Underperform from Hold with a price target of 490 GBp, down from 800 GBp. The firm says weaker China demand, slower travel spend and uncertain U.S. remain the key lessons from the Q2 reporting season for the luxury brands. The analyst now assumes no appreciable improvement in the second half of 2024 from flattish demand in the first half.
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