Brokers note - Debenhams

Altium Securities has downgraded its recommendation on Debenhams from 'Buy' to 'Hold' ahead of its preliminary results.

The broker has changed its rating as a result of the Debenhams share price moving to within 5% of its target price of 85p - to a current level of 81.3p. This compares with a low of 74p at the start of October.

Altium says it has left its forecasts unchanged for the current year, following Debenhams management stating back in September art the pre-close that pre-tax profits would be in-line with expectations, but it has increased its forecasts for 2010.