Burford Capital price target lowered to $15 from $17 at Deutsche Bank

Deutsche Bank analyst Mark DeVries lowered the firm’s price target on Burford Capital (BUR) to $15 from $17 and keeps a Buy rating on the shares. The U.S. Court of Appeals for the Second Circuit issued a ruling that reversed the District Court’s judgement that held the Argentine Republic liable for breach of contract, the analyst tells investors in a research note. The firm says that while Burford’s share performance since the appeal hearing implied this was a likely outcome, it views the ruling as “surprising and disappointing given the facts of the case.” Deutsche says Burford shares are oversold at current levels.