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City view - JJB Sports
Archived article dated Monday January 5th 2009
Investec Securities has changed its recommendation on JJB Sports from 'Sell' to 'Hold' following the appointment of new management on Friday.
The broker believes the move to place Sir David Jones as executive chairman and Peter Williams as finance director indicates that the chances of the company surviving its current difficulties have significantly shortened.
The market agreed and pushed the shares up by 63.5% to 8.6p today, which takes them well beyond the 7p price target of Investec. This reflects the broker's view that the price of JJB's health clubs business has reduced from earlier levels.
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