Burberry Group PLC (LSE:BRBY) has been rewarded for its better-than-expected third-quarter numbers with a string of estimate hikes from Canadian bank RBC.
Sales acceleration was broad-based, RBC said, underpinned by scarves and outerwear and a first step in the right first step in the right direction said the bank.
"Burberry is pursuing the right strategy, with important recent key hires (Marketing, Merchandising), which over time should drive better execution."
Revenue, underlying profits [EBIT] and EPS estimates have all been raised by the bank, which results in a revised DCF-derived target price of £13 (from £10) with ‘outperform’ and ‘speculative risk’ the investment ratings.
Shares dipped 1.5% to 1,116p.