Shares in Swatch Group UHR.VX, and Burberry (BRBY.L) gain as Bernstein issues a broadly positive note on the luxury goods sector.
Swatch Group gains 1.4 percent after the broker upgrades it to “outperform”, “on the expectation that higher Asian and Chinese exposure, fast space growth in emerging markets and a stronger accessible luxury offer should work as a tailwind.”
Burberry adds 1.9 percent, hitting a fresh lifetime peak, as Bernstein ups its price target to 1,000 pence from 900 pence, keeping a “market perform” rating on the stock.
Burberry shares have gained 22 percent this month, boosted in part by speculation last week of bid interest from a U.S. private equity firm, and by the benefits of presenting at London Fashion Week.
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