CORRECT: MARKET TALK: Panmure Lifts N Brown Price Target

16th Jun 2010 11:25

("MARKET TALK: Panmure Lifts N Brown Price Target," at 0906 GMT, incorrectly stated that Panmure lifted N Brown target price to 320p from 325p. The correct version follows:) 0906 GMT (Dow Jones) Panmure Gordon lifts N Brown (BWNG.LN) target price to 320p from 315p following the acquisition of lingerie e-tailer Figleaves for GBP11.5M. "This acquisition of a well established e-tailer gives N Brown access to a younger, wealthier customer, an international e-tail business, and consolidates N Brown's position as No.1 in UK online lingerie retail." Expects the acquisition to be earnings-accretive in FY '12. Adds the shares are attractively valued on a discount to the sector and to home shopping peers. Keeps the stock at buy. Shares +0.2% at 265p. ([email protected]) (END) Dow Jones Newswires June 16, 2010 06:25 ET (10:25 GMT)