Burberry price target raised to 13 GBp from 9 GBp at Telsey Advisory

Telsey Advisory raised the firm’s price target on Burberry (BURBY) to 13 GBp from 9 GBp and keeps a Market Perform rating on the shares. The company reported better than expected Q3 results, which was supported by a better holiday and sequential improvements in Asia, the analyst tells investors. While the firm is encouraged by greater confidence in the company’s ability to see 2H results offset the adjusted operating loss from the first half, the near-term remains challenging.