Brokers note - N Brown Group
Brewin Dolphin has reiterated its Buy recommendation on N Brown on the back of the positive read-across from the strong Q3 results from Next.
The broker says that although the results have not prompted any change to its estimates for N Brown, it continues to believe that its forecasts are on the conservative side. Brewin Dolphin has high expectations for the company’s H2 performance as it should benefit from investing in customer recruitment, an easing of credit restrictions, and a reduction in debt estimates.
In October the broker increased its target price on N Brown from 280p to 325p and believes there is almost 30 per cent upside from the current share price of 254.5p following the 1% increase yesterday (November 4).
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