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Broker’s note - Retail Sector

Seymour Pierce has downgraded its recommendation on the general retail sector and upgraded its stance on the food retailers’.

CITY & CORPORATE

Broker’s note - Retail Sector

The broker has moved general retail from 'overweight' to 'average weight' following the 58% increase in th
e sector over the past six months that has seen it outperform the UK market by nearly 30%.

Seymour Pierce believes the economic outlook for 2010 looks more challenging and that the looser monetary policy of 2009 is now fully factored into share prices. It has also downgraded Kingfisher from 'Buy' to 'Hold'.

The broker has however taken a more positive view of food retailers with its stance switching to 'Overweight'. It believes they should benefit from consumers trading up in the short term and from eating at home more often. It also suggests food retailers have the opportunity to develop their non-food ambitions through increased space and multi-channel. Seymour Pierce also upgrades Morrisons from 'Hold' to 'Buy'.

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