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Brokers note: Blacks Leisure

Seymour Pierce has downgraded its recommendation on Blacks Leisure to ‘Sell’ following its recent full year results.

CITY & CORPORATE

Brokers note: Blacks Leisure

The broker says the business continues to suffer from the poor perfo
rmance at its boardwear division and it does not expect a full exit from this operation until 2011. In the meantime Seymour Pierce expects losses from the boardwear stores to persist. It has therefore moved its recommendation from 'Hold' to 'Sell'.

Based on 2012 forecasts the broker suggests the stock is highly rated at 18.6x earnings and on its sum of the parts valuation it says it is fairly valued. The underlying share price is unchanged today (July 9) at 51p.

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