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Brokers note - Majestic Wine

Altium Securities has retained its ‘Hold’ rating on Majestic Wine following its preliminary results today (June 15).

CITY & CORPORATE

Brokers note - Majestic Wine

The broker says the numbers were in-line with forecasts, with the only surprise bei
ng an impairment charge against the value of its French business, which continues to suffer from sales weakness. It has moved its pre-tax profit forecast for 2010 up slightly from 12.2 million to 12.6 million.

Altium continues to believe Majestic has scope for further UK expansion and that its lowly-geared balance sheet and more than 20% of properties being freeholds justifies the group's premium rating. The broker has moved its price target up from 179p to 185p, which compares with an underlying share price of 186p following the 1% decline in early trading today.

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