Brokers note - Halfords
Investec Securities has upgraded its pre-tax profits forecasts and target price for Halfords ahead of its Q2 trading statement on October 8.
The broker suggests the combination of better weather and the trend for ‘staycations’ will help the company deliver better Q2 figures than expected. It is therefore raising its full-year pre-tax profits forecasts on Halfords by 6.8% to £102 million for the current year.
Investec has also increased its target price from 400p to 435p to place the company at a 10% discount to the sector for 2010, which compares with the current 30%. This contrasts with a current share price of 349.5p following the 3% increase on Thursday (September 24).
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