CITY & CORPORATE
BrokerÂ’s note - Debenhams
5 June 2009 | by The Retail Bulletin
Singer Capital re-iterated its ‘Buy’ recommendation on Debenhams after it consumed the news about its new equity issue and the strong trading in Q3.
The broker says the impressive numbers will have led to more upgr ades for the group and that the fundraising will result in a transformation of both the company's balance sheet and shareholder register.Singer Capital has upgraded its forecasts by 8% and suggests there could be more scope for increases in H2. It regards Debenhams as a stand-out in the retail sector and has a price target of 95p, which compares with an underlying share price of 87p following the 1% fall in early trading today (June 5).
