Brokers note - N Brown Group
Investec Securities has increased its forecasts and price target on N Brown following its recent stronger than expected interim results.
The broker has increased its current year pre-tax profit forecast by £1 million to £88 million on the back of its belief that the risks at N Brown are now weighted to the upside. Management at the company are convinced that the bad debt situation has peaked and are to loosen the credit restrictions.
Investec has also increased its target price from 280p to 300p, which compares with an underlying share price of 265.5p following the 2% increase during trading on Tuesday (October 20).
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