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Broker's note: Clinton Cards

Altium Securities has re-iterated its ‘Buy’ recommendation on Clinton Cards following its acquisition of 196 Birthdays stores from the administrator.

CITY & CORPORATE

Broker's note: Clinton Cards

The broker says it expects to increase its forec

asts materially from a current pre-tax profit estimate of 4.9 million for 2010. The potential uplift in profit from the newly-acquired stores will ensure the deal is earnings-enhancing.

Altium states that it also expects to upgrade its price target from a current 30p, which compares with an underlying share price of 25p following the 15% increase in early trading today (June 25).

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