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Brokers note - Next

Investec Securities has upgraded its forecasts and price target on Next following the company’s interim results.

CITY & CORPORATE

Brokers note - Next

Investec Securities has upgraded its forecasts and price target on Next following the company’s interim results.

The broker says the company’s guidance still looks conservative and as such it is pushing up its pre-tax profits forecast for 2010 by 8.5% to £445 million and marginally increasing its numbers for outer years.

The broker has also moved its price target up from 1880p to 2000p, which it says will still leave the company trading at a 15% PE discount to the sector for calendar year 2010 earnings. This target price compares with an underlying share price of 1817p.

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