Shares in the couturier Burberry Group PLC (LSE:BRBY) seemed impervious to a couple of downgrades, rising 2.7% in early afternoon trading.
RBC Capital cut its price target by a £1 a share to £15, while Jefferies was more bearish as it set its valuation at £13 from £14.60, believing the shares are destined to 'tread water' in the near-term at least.
RBC told clients in a note: "Softer near-term traffic/demand coupled with product investment, negative FX [foreign exchange rate movements] and deleverage makes for a fairly unfavourable near-term setup.
"It is early days in this new chapter, and the turnaround deserves time and space; however we prefer to wait for signs of improvement before turning more positive."
Burberry shares, down 46% in the last year, were changing hands for £1.278, up 33.5p on the day.