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Broker's note: Topps Tiles

Investec Securities has upgraded its recommendation on Topps Tiles following the company’s better than expected interim results.

CITY & CORPORATE

Broker's note: Topps Tiles

The broker has (belatedly) moved its rating from 'Sell' to 'Hold' on the
back of what it says is an improvement in current trading at Topps, which has further underpinned sentiment and will likely lead to a consensus pre-tax profits upgrade for the company.

Investec is moving its current year forecast up by 40% to £14 million and for 2009/2010 it is upping its numbers by 25% to £15 million. The broker is also increasing its target price on Topps to 80p, which compares with an underlying share price of 96.5p following the 8% increase in morning trading today (June 1).

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