Brokers note - Next
Singer Capital Markets has upgraded its recommendation on Next by moving it onto its Buy list ahead of its Q2 update on July 29.The broker has upgraded its forecasts for the group on the back of its b elief that Next is over-delivering on expectations as a result of seasonal trading conditions, a strategic repositioning and the easing of cost pressures.
Singer also reckons growth has returned to Next Directory after a slowdown in May. This contributes to its decision to upgrade its recommendation on the company from 'Fair Value' to 'Buy' and lift its price target to 1800p. This compares with an underlying share price of 1624p following the 1% increase in early trading today (July 14).
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