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Broker recommendations : Premier Foods, Mothercare, Dixons Retail

Broker recommendations : Premier Foods, Mothercare, Dixons Retail

04/04/2011 by about : Broker Recommendations - 0 Comments - 254 words

Morgan Stanley has raised its price target on Premier Foods to 40p noting that the Hovis and Branston brand owner trades on less than six times earnings. It now rates Premier 'over-weight”' from 'equal-weight' adding that balance sheet issues are 'largely resolved' and company 'self-help levers' should offset current pressures. Morgan Stanley adds that, after four years of integrating acquisitions Premier's current guidance looks conservative.

Peel Hunt has cut its target price for Mothercare to 350p from 450p. The broker was downgrading its forecasts for the second time in two weeks but retains a ‘hold’ rating for the high street baby clothes retailer. Companies recent interim management statement and guidance provides further evidence of UK consumer weakness, wrote Peel Hunt adding that it feels the company 'is not geared into any eventual consumer recovery'.

Whilst shares in Dixons Retail continued a downward trail last week, UBS reduced target price from 23p to 14p following the PC World and Currys owners disappointing weak UK trading figures and higher debt. The broker also cut its 2011 and 2012 pre-tax profit forecasts by 20% and 35%, respectively, after Dixons Retail reported a significant decline in UK like-for-like sales in last quarter of around 11%.


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