Friday December 28, 01:05 PM
Debenhams "buy," target price reduced
LONDON, December 28 (newratings.com) - Analysts at Panmure Gordon maintain their "buy" rating on Debenhams (ticker: DEB-GBX). The target price has been reduced from 170p to 110p.
In a research note published this morning, the analysts mention that
the company's sales momentum is unlikely to improve significantly in the current year. Debenhams (LSE: DEB.L - news) ' Christmas sales are likely to have been lower than was anticipated in October, adversely affecting the company's gross margins, the analysts say. The pretax profit estimates for the year ending August 2008 and the next year have been reduced from £145 million to £127 million and from £198 million to £157 million, respectively.
© 2007 New Ratings
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