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Thursday June 11th 2009
Broker note - Halfords
Archived article dated Thursday June 11th 2009
Investec Securities has re-iterated its 'Buy' recommendation on Halfords and increased its forecasts following its preliminary results.
The broker says the underlying improving margin trend at Halfords has prompted it to upgrade its 2010 pre-tax profit forecast on the business from £93.5 million to £94.5 million. It believes the incremental cost savings that Halfords has announced will underpin earnings in outer years.
Investec has also increased its target price from 365p to 400p, which compares with an underlying share price of 342.5p at the close of play on Wednesday (June 10).
Tagged as: halfords | broker note | city
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