Brokers note - Next
The broker has upped its pre-tax profit forecast for the current year by 7% to £445 million and for 2010/11 it has aggressively pushed it up by 25% to £445 million. This is on the back of Pali International’s belief that the group’s management can continue to impress with their control of margins and delivery of strong performance from non-core assets.
The broker says it has a preference for Next above Marks & Spencer and believes its shares should trade at a premium to its rival, which implies significant upside in the Next share price. It has therefore raised its price target on the group from 1975p to 2200p.
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