The bank commented: "We believe the company offers good value at a 15% discount to the luxury sector, which we see as unjustified given its well laid-out strategy to drive store density in the medium term.
"Shorter-term the group should benefit from its cost-reduction programme, which the company expects to save at least £100m."
Analysts upped their price target to 1,760 pence per share (from 1,450 pence).
Turning to media, UBM fell out of favour with analysts at Berenberg after the bank undertook took a detailed review of the sector.
Berenberg highlighted the company's strong first half performance, which it said reflected increased investor confidence that revenue growth was on an improving trajectory but added:
"However, we see risks that this expected acceleration in revenue, and then earnings, growth may not come to fruition as quickly as hoped, and with levers to help achieve this (such as accretive acquisitions) already deployed we see limited upside."
Berenberg downgraded its recommendation on the stock to 'sell' (from 'hold') and cut its price target to 675 pence a share (from 700 pence).
Elsewhere, Shore Capital initiated coverage of FDM Group [LON:FDM] with a 'buy' rating, stating that it is a well run business with an evolved model.
"FDM has created a platform for training and employing first-line IT personnel that fit the needs of large global corporations," analyst Peter McNally explained.
"Its 2.3 year average employee tenure typically ends with permanent placement which allows it to weave its supply of trained workforce into its clients' IT fabric."
In addition, Mr. McNally reckons the company compares well with 20 per cent pre-tax profit margins, earnings growth of 15 per annum and a one year forward 14.5x EV/EBITDA valuation.
[LON:BRBY] Burberry Group PLC share price was +21.5p at 1554.5p
[LON:FDM] FDM Group Holdings Plc share price was +30p at 605p
[LON:UBM] UBM Plc share price was -12.25p at 734.25p
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