Brokers note - Thorntons
Investec Securities has re-iterated its ‘Buy’ recommendation on Thorntons following its Q1 trading update.
The broker says Thorntons has delivered a solid start to the new financial year with group sales up 2.3% to £46.8 million in Q1. With all divisions delivering positive sales growth (except franchised that was impacted by the administration of Birthdays) Investec is keeping its forecasts unchanged ahead of the key Christmas period.
The broker also retains its price target at 130p, which compares with an underlying share price of 123.75p following the 5% increase in early trading today (October 7).
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