Shares in fashion group Burberry (BRBY.L) gain 2.2 percent to 712 pence, among the top FTSE 100 gainers .FTSE, after Deutsche Bank raises its price target and keeps its "buy" rating, citing "excellent" prospects and newsflow that will "remain robust".
Deutsche increases its price target to 750 pence from 650, saying the weakness of the pound and an improving environment will drive a strong finish to the financial year.
“Burberry’s brand momentum means it should capitalise on current strong luxury trends which have recently been confirmed by industry data,” the broker says in a note. “In particular we look for a recovery in the wholesale channel during FY-11.”
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