Brokers note - Mothercare
Altium Securities is putting its Sell recommendation on Mothercare under review following the groups strong Q1 trading update.The broker says the sales growth at Mothercare was well ahead of t he rates it had assumed for the first half, with the UK business having accelerated its sales growth since Q4. However, Direct in Home and international sales have slowed.
Overall, Altium says the figures are likely to lead it to increase its forecasts more materially than it had expected. The broker has also placed under review its 401p price target, which compares with an underlying share price of 527.5p following the 1% fall today (July 16).
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