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Brokers note - Thorntons

Investec Securities has increased its target price on Thorntons ahead of its preliminary results on September 9.

CITY & CORPORATE

Brokers note - Thorntons

Investec Securities has increased its target price on Thorntons ahead of its preliminary results on September 9.

The broker has moved its target up from 90p to 115p as it continu
es to view the company as undervalued on the basis of its business model diversity and prudent cost management discipline.

Although Investec has top of consensus 2009/10 forecasts for Thorntons, which reflect the company's growth opportunities, the broker says the company continues to trade at a discount to its peers and the sector. This prompted the price target increase and the maintenance of the 'Buy' recommendation on the company.

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