Burlington Falls As Berenberg Says Upside Capped   By Investing.com

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© Reuters.

By Dhirendra Tripathi

Investing.com – Burlington (NYSE:) shares fell 3% Tuesday as Berenberg handed the stock a downgrade to hold.

The brokerage no longer views the off-price retailer’s shares as carrying a favorable risk-reward.

The stock has outperformed the market significantly last four months, driven by benefits from the reopening of the economy. While Berenberg continues to have a favorable view on management and the company’s prospects, it believes the stock price captures future growth opportunities appropriately.

Berenberg’s downgrade is in contrast to Morgan Stanley’s recent price target hike to $317 from $290, reiterating an overweight rating on the retailer.

Morgan Stanley (NYSE:) attributed its price revision to rationalized comp-store inventory, improved opex leverage on a higher revenue base and accelerated opening of smaller format stores. It said all these factors make a 12% EBIT margin visible in 2024.

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