Burberry Group PLC (LSE:BRBY) shares have been marked 2.2% lower after Morgan Stanley (NYSE:MS) cut its price target for the luxury goods retailer. In a note covering the European luxury goods sector, the investment bank reduced targets across the board, with Burberry's moving to 2,200p from 2,400p. Morgan Stanley (NYSE:MS) lowered its second-quarter financial year 2024 like-for-like growth forecast to 4% from 7% previously to take account of softening global demand and heightened macro pressure. It cut its financial year 2024 EBIT forecast by 2% to £608 million from £624 million before.