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    Tuesday, November 24, 2009

    Burberry Cut To Equal-weight At Morgan Stanley

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    By Barbara Kollmeyer
    MarketWatch Pulse
       

      MADRID -- U.K. luxury goods maker Burberry was downgraded to equal-weight from overweight on Tuesday at Morgan Stanley, which cited valuations. "We continue to like Burberry's long-term investment proposition but valuation no longer looks compelling," said Morgan Stanley. The investment bank's top picks within brands are Adidas and PPR , where it sees greatest risk to consensus earnings driven by cost savings, de-stocking among wholesalers and exposure to emerging markets.

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