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You are here: Home | City and Corporate | Broker's note - WH Smith

Broker's note - WH Smith

Thursday April 23rd 2009

Investec Securities has re-iterated its 'Buy' recommendation on WH Smith following its interim results that were slightly ahead of forecasts.

The broker says WH Smith has yet again produced a so

lid set of results, based on its model of gross margin improvement and cost savings. It now expects small upgrades to full year consensus pre-tax profits to between £80 million and £81 million from the current £78.5 million.

Investec has placed its target price of 405p on WH Smith under review as it regards the group's PE discount to the sector of around 40% as unjustified. The shares currently trade at 411p.


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Tagged as: WH Smith | Investec

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