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Brokers note - Next

Pali International has upgraded its recommendation on Next from ‘Neutral’ to ‘Buy’ and increased its price target.

CITY & CORPORATE

Brokers note - Next

The broker believes the rally in the general retail sector is lik
ely to continue as a result of the very soft like-for-like comparatives due this autumn and it has therefore become less cautious on Next.

Pali has moved up its pre-tax profit forecast on Next by 5% to 410 million for 2009/10, which places it just above consensus and on a PE of only 11.5x - based on the broker's target price of 1700p. It has therefore increased its target to 1975p, which compares with an underlying share price of 1704p.

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