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Broker tips: Next, Bellway, DSG International
Mon, 01 Dec, 2008
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Broker tips: Next, Bellway, DSG International
Mon, 13 Oct 2008, 11:24:00
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Related Market Prices
Name
Value
Percent
Change
Next
1013.00p
-8.57%
Bellway
490.75p
-3.49%
DSG International
10.00p
-14.89%
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Expectations of a tough outlook for UK consumer spending prompted JP Morgan to downgrade its rating on <b>Next</b> to 'underweight' from 'neutral' and cut its target price on the fashion retailer to 1,000p from 1,120p.<br /><br />The broker sees little opportunity for Next to mark down prices in coming months and expects it to be increasingly affected by cost pressures from Asia and the stronger US dollar. It buys 60% of its products in dollars.<br /><br />"In our view Next remains a well managed retailer which has judged the economic cycle well and won't be deflected from its strategy of repositioning itself in the upper mass market just because of tougher macro conditions," JPM said.<br /><br />"However we believe this strategy will be challenging to execute in a consumer downturn and we think volumes will remain under pressure for at least the next two years."<br /><br />It expects Next to be a "donor of market share to the industry."<br /><br />KBC Peel Hunt has retained its 'neutral' rating on <b>Bellway</b> ahead of the housebuilder's preliminary results tomorrow.<br /><br />The broker expects Bellway to report pre-tax profits of £153m.<br /><br />"Bellway is a solid and broadly reliable business in terms of delivering earnings but its lack of communication and lower profile make it less interesting," KBC Peel analyst Robin Hardy said. <br /><br />"If looking for stocks to follow into any rally, Barratt is the one to follow as it has halved since recent highs and there is undue concern about its revised covenants."<br /><br />Citigroup has lowered its target price on electrical retailer <b>DSG International</b> to 30p from 35p.<br /><br />The broker has a 'sell' rating on DSG, which owns Currys and PC World.<br /><br />Shares in DSG have fallen by about 20% over the last month and 70% over the last year amid a backdrop of falling sales as tough economic conditions hit trading.<br />
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