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Thursday May 21st 2009
Broker's note: JJB Sports
Archived article dated Thursday May 21st 2009
Altium Securities has re-iterated its 'Sell' recommendation on JJB Sports following its preliminary results and trading update.
The broker expresses concern with the recent numbers that included a fall in group revenue of 42% and like-for-like sales declining 23.3%. Until JJB provides greater clarification on its plans for the business, following the recent positive vote on its CVA, then Altium is retaining a price target based on a 'break-up' valuation.
This target is currently 13p, which compares with an underlying share price of 26p following the decline of 7% in early trading today (May 21).
Tagged as: JJB Sports
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