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City broker view - Next
Archived article dated Tuesday January 6th 2009
Teathers maintains its 'Hold' recommendation on Next following its trading update that showed a decent sales performance.
The broker suggests Next's numbers were impressive on the basis of it not discounting ahead of Christmas, unlike many of its rivals. As a result, management stated that current year profit estimates will be in-line with market expectations with pre-tax profit forecast to be between £415 million and £435 million.
Despite acknowledging the attractive valuation, excellent management and strong balance sheet of Next, Teathers expects clothing to remain a tough market. But on the back of today's (January 6) statement the shares have jumped 7% to £11.65p in early trading.
Tagged as: city | next | broker
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