Sports Direct: shares up after optimistic trading update.
(CercleFinance.com) - Shares in Sports Direct are up 2.
1% at 392.3 pence, after Britain's biggest sporting goods retailer delivered an optimistic trading update.
Prior to its AGM, Sports Direct this morning said it still aims to achieve growth in underling EBITDA in the region of approximately 5%-15% during fiscal year 2018, which will end next April.
"The update gives confidence in our forecasts, but we leave these unchanged,” Liberum says in a note.
However, the broker has downgraded its rating on the stock from "buy" to "hold," with a target price of 400 pence, compared to 380 pence before, citing valuation grounds, with the shares having risen by 28% since July.
"The arrival of the new CFO shortly will give an opportunity to re-appraise our forecasts and investment case," Liberum writes in a note.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
1% at 392.3 pence, after Britain's biggest sporting goods retailer delivered an optimistic trading update.
Prior to its AGM, Sports Direct this morning said it still aims to achieve growth in underling EBITDA in the region of approximately 5%-15% during fiscal year 2018, which will end next April.
"The update gives confidence in our forecasts, but we leave these unchanged,” Liberum says in a note.
However, the broker has downgraded its rating on the stock from "buy" to "hold," with a target price of 400 pence, compared to 380 pence before, citing valuation grounds, with the shares having risen by 28% since July.
"The arrival of the new CFO shortly will give an opportunity to re-appraise our forecasts and investment case," Liberum writes in a note.
Copyright (c) 2017 CercleFinance.com. All rights reserved.