Brokers note - French Connection
The broker says the H1 pre-tax loss was over £5 million worse than expected and this has led it to reduce its forecasts with the full-year 2010 pre-tax loss now expected to be £13.9 million compared with the previous £10.1 million.
Despite this weak performance Altium is increasing its target price on French Connection from 35p to 50p, purely to take into account the current share price, which stands at 47.5p. This move has prompted the upgraded recommendation to ‘Hold’.
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