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The City view - Carpetright

The entry of Floors-2-Go into administration this week has prompted Altium Securities to issue a note suggesting that this reinforces its view that competition to Carpetright will diminish during the downturn and that this will further strengthen its market leading position.

However, since the Carpetright share price has recently moved up to 624.5p - within 10% of the broker's target price of 656p - it has switched its recommendation on the company from 'Buy' to 'Hold'. At current levels Carpetright is trading on a PE of 11.9x for 2009 earnings.

Tagged as: city broker view | carpetright

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