Brokers note - General Retailers
Bernstein Research expects more upside to share prices of European general retailers as they deliver better than expected results.Since the broker acknowledges there are a few unknowns on the horizon it h as a preference for those players that have 'pure rebound' and earnings surprise strategies such as Next or are catalyst driven restructuring stories, which could bring in Marks & Spencer.
Among the hardline retailers Bernstein prefers Kingfisher over the medium term but says it faces some headwind in the short term. It also points to DSG as a speculative short term trading opportunity on the back of its easy Christmas comparatives and increasing support from its revamp programme.
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