Wednesday January 7th 2009

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Retail Sector - The City view

Altium Securities has moved its long-standing 'Underweight' rating on the retail sector to 'Neutral' as it believes significant further downside has already been discounted into share prices.

The broker says its move to a 'Neutral' stance does not signal that it expects news flow to become more positive, more that the bad news is already factored into retail sector valuations.

Altium highlights its key picks as Next with a target price of £13 and N Brown with a target of 270p. It has also initiated coverage on Halfords (Hold), Topps Tiles (Sell), JJB Sports (Sell) and Sports Direct (Sell).

Tagged as: sector view | altium

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