Brokers note - Next
Singer Capital Markets has re-iterated its Buy recommendation on Next following its brought-forward H1 trading update.The broker says Next has achieved better than expected full-price trading in recent weeks and improved clearance rates in the end of season sale, which justifies the upgrade to estimates Singer made last week.
On a PE of 10.8x earnings for 2010 the broker believes the company is advantageously valued against the likes of Marks & Spencer and it expects outperformance in Next's shares later in the year after a strong last three months. Singer keeps its price target unchanged at 1,800p, which compares with an underlying share price of 1,615p following the decline of 2% this morning (July 21).
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