Brokers note - Home Retail Group
The broker says that despite caution from management about H2, Pali International believes there is plenty of profit-upgrade potential based on the strong H1 market share performance at Home Retail and its position at the heart of the recovery in non-food sales.
The broker says pre-tax profits for the full-year could emerge ahead of consensus forecasts of £255 million and it is pushing up its numbers from £250 million to £276 million. With this upgrade Pali International is also pushing up its price target from 290p to 350p, which compares with an underlying share price of 302.5p following the 2% fall yesterday (October 22).
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