Brokers note - Carluccios
Altium Securities has re-iterated its Buy recommendation on Carluccios on the back of its belief it is due for a re-rating.The broker suggests the company can regain a forward PE of 20x, w hich would represent a 20% discount to its historical average of 23.5x. It believes Carluccio's can benefit from extended rent-free periods and some landlord capital contributions to new sites and that this will help it to continue to outperform its peers.
Altium has increased its target price on the company from 100p to 110p, which still represents a 53% discount to the all-time high of 230p. This compares with a current share price of 86.5p.
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