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Broker note - Debenhams
Thursday June 4th 2009
Altium Securities has re-iterated its 'Hold' recommendation on Debenhams following its announcement today (June 4) of a £323 million firm placing and placing with open offer.
The broker says Debenhams is conducting a market book build
However, the retailer's strong Q3 trading results has prompted Altium to increase its forecasts by £10 million. It has also upped its target price on Debenhams from 91p to 100p, which compares with an underlying share price of 89p following the decline of 4% in early trading this morning.
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