Brokers note: Sports Direct
Singer Capital Markets has increased its target price on Sports Direct ahead of its preliminary results next week.The broker has upped its target from 65p to 85p to reflect its view on the improved trading prospects and international potential of the group. The former involves its strong value positioning and the self-help initiatives it has initiated, while the latter centres on the growth opportunities overseas particularly in China.
Singer also points to Sports Direct's focus on reducing its debt, which it believes could lead to further upside in the shares and justifies the increase in target price to 85p. This compares with an underlying share price of 80.5p following the 1% increase today.
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