Brokers note - Next
Credit Suisse has increased its profit forecasts on Next ahead of its Q2 trading update on Aug 5.The broker says it has moved its forecasts to take account of impro ved clothing industry trade trends so for 2009/10 it has increased its profit number by 13% and for 2010/11 it has upped it by 12%.
Credit Suisse expects the non-food part of UK retail to under-perform on the back of currency effects but it regards Next as a safer company than its peers. It maintains its 'Outperform' recommendation but has increased its price target from 1,550p to 1,800p, which compares with an underlying share price of 1,664p.
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