Friday May 9, 05:47 PM
HMV downgraded to "hold"
By Dresdner Kleinwort Wasser.
LONDON, May 9 (newratings.com) - Analysts at Dresdner Kleinwort downgrade HMV Group (LSE: HMV.L - news) (ticker: HMV-GBX) from "add" to "hold,"
while raising their estimates for the company. The target price has been raised from 120p to 145p.
In a research note published this morning, the analysts mention that the company has posted its like-for-like sales growth in the UK and Waterstones for the sixteen weeks to April 26 ahead of the estimates. The strong games market is likely to continue to fuel the momentum in HMV's performance, the analysts say. The company has raised its PBT guidance for FY08 from £43-£53 million to £46-£58 million. There is limited upside to the company's share price in the near term, Dresdner Kleinwort believes. The EPS estimates for FY08, FY09 and FY10 have been raised from 9.23p to 10.10p, from 12.11p to 12.97p and from 13.60p to 14.51p respectively.
© 2008 New Ratings
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