MARKET TALK: HSBC Downgrades Home Retail To Underweight

16th Jun 2010 07:31

0631 GMT [Dow Jones] HSBC downgrades Home Retail Group (HOME.LN) to underweight from neutral, and cuts its target price to 226p from 285p following the company's 1Q update. Says trading at Argos was worse than expected. Expects increased price pressure in key categories to weigh on sales and potentially gross margins at Argos. Also notes longer-term structural concerns. Shares closed Tuesday at 231p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 16, 2010 02:31 ET (06:31 GMT)

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