While maintaining its 'hold' recommendation on Burberry, Deutsche Bank is lowering its target price from 1030 to 800 pence, the day after the British luxury house announced a change of CEO and a profit warning.

As 'investors became increasingly frustrated with performance and looked for a change in strategic direction', the broker expects this to start with a gentle shift, followed by a more significant change over time.

Burberry has made a wise strategic choice in retaining Daniel Lee as creative designer", he adds, praising the first clean stylistic changes, more accessible prices and a focus on areas where the Burberry brand is authoritative.

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