Brokers note - Dunelm
Singer Capital Markets has reiterated its Buy recommendation on Dunelm following its interim management statement today (November 3) revealed strong trading.
The broker says trading over the first 17 weeks of the first half shows like-for-like sales ahead by 15.1% as the company benefits from its value proposition, market share gains from capacity withdrawal, and resilient consumer spending.
Singer says it will update its forecasts later today on the basis that Dunelm currently trades at modest 15.2x earnings for 2010 and it regards it as a genuine growth stock. It keeps its target price unchanged at 360p, which compares with an underlying share price of 325p.
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