MARKET TALK: Halfords On Track - Investec

27th Jul 2010 12:10

1110 GMT [Dow Jones] Halfords' (HFD.LN) 1Q update shows the company remains on track to deliver FY '11 earnings in line with previous guidance, Investec Securities says. Says 1Q like-for-like sales were in line with the brokerage's expectations given adverse weather and World Cup effects. "With gross margin flat, operating costs under tight control, and benefits accruing from other initiatives and closure of Central Europe, the full-year outturn looks well underpinned at this early stage." Has buy rating and 545p price target on the stock. Shares -2.4% at 504p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 27, 2010 07:10 ET (11:10 GMT)