Broker's note - Carpetright
Investec Securities has re-iterated its Sell recommendation on Carpetright after its preliminary results today (June 30).The broker says the results were slightly below its expectations but the big surprise was the cut to the final dividend. Against a tough backdrop, Investec questions the significant premium that is still applied to Carpetright shares.
It keeps its target price unchanged at 410p, which compares with an underlying share price of 581p following the 3% decline today.
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