UBS reaffirms its 'sell' recommendation on Burberry, with a price target lowered from 971 to 750 pence, representing a downside potential of 32% for the stock, the day after the British luxury house published its annual results.

"The results for the 2023-24 financial year and the outlook posted by Burberry's management further confirm the lack of progress in the turnaround and the associated risk to earnings", the broker highlights in the summary of its note.

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