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Broker note - Debenhams

Altium Securities has re-iterated its ‘Hold’ recommendation on Debenhams following its announcement today (June 4) of a £323 million firm placing and placing with open offer.

CITY & CORPORATE

Broker note - Debenhams

The broker says Debenhams is conducting a market book build
today and the implications of the move on its financial projections will be adjusted upon completion of the process.

However, the retailer's strong Q3 trading results has prompted Altium to increase its forecasts by 10 million. It has also upped its target price on Debenhams from 91p to 100p, which compares with an underlying share price of 89p following the decline of 4% in early trading this morning.

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