Broker snap: Nomura sees improvement for Next

20th Jul 2009 12:51

Broker Nomura lifts its target price on Next as it thinks fashion retailer will benefit from recent sunny weather and an improvement in consumer sentiment.Next's current guidance is that second quarter sales will fall by 4% to 7%, but Nomura thinks they will be down by just 3%."While medium-term growth risks are clear, we believe this momentum is likely to continue to support a stock trading at a discount to the sector," it said.It now has a 1,780p target price on Next.