Burberry: Two downgrades, yet the shares are up 2.7%

Shares in the couturier Burberry Group PLC (LSE:BRBY) seemed impervious to a couple of downgrades as the share price rose 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 d ...