MARKET TALK: Collins Stewart Downgrades Mothercare To Hold

15th Jul 2010 10:29

0929 GMT [Dow Jones] Collins Stewart downgrades Mothercare (MTC.LN) to hold from buy and cuts target price to 550p from 678p following the company's 1Q update, which showed deteriorating trends in the UK market. UK sales were disappointing, down 4.1% year-on-year on weak sales in toys, Collins Stewart says. While the group has held market share in childrenswear and in home & travel, given the deterioration in toys and the uncertain consumer outlook, the brokerage cuts its FY like-for-like assumption to -2% from -1% and its '12 assumption to -1% from +2%. Shares -5% at 525p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 05:29 ET (09:29 GMT)