Broker note - Dunelm
Investec Securities has upgraded its recommendation on Dunelm to Buy and has put its price target under review following its pre-close trading update today (July 13).The broker says Dunelm has delivered a much stronger finish to the year than expected, with double-digit like-for-like growth in the last nine weeks, which should push forecasts up by around 10%.
Investec highlights the fact the shares have underperformed the All Share index by nearly 17% over the past quarter, which puts the company on a PE of less than 12x and has prompted the broker to put its 250p price target under review. The shares moved up 5% to 221.75p in early trading today.
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