MARKET TALK: Halfords FY Results Modestly Ahead - Execution

10th Jun 2010 07:49

0649 GMT [Dow Jones] Halfords' (HFD.LN) FY '10 results are modestly ahead of expectations says Execution Noble. Notes management's target of delivering average annual EPS growth of 15% going forward. Says Halfords remains one of the best placed retailers under the brokerage's coverage showing continued earnings growth both organic and through acquisition. Says the balance sheet is strong. Says the shares have had a strong run but thinks a calendar '11E P/E of just 10.4x does not look expensive. Keeps at buy. Shares closed Wednesday at 500p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 10, 2010 02:49 ET (06:49 GMT)

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