MARKET TALK: HSBC Lifts Halfords Price Target;Keeps Overweight

21st Jun 2010 10:09

0909 GMT [Dow Jones] HSBC increases Halfords (HFDS.LN) price target to 685p from 580p. Says the pretax profit announced in the FY results is in line with HSBC's forecast and marginally beats consensus estimates. Says the stock is defensive, and the company is consistent with its predictable cash generation. Notes the move into the auto services market, which will drive sustainable mid-teens earnings growth over the medium term. Reiterates overweight recommendation. Shares +1.2% at 539.5p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 21, 2010 05:09 ET (09:09 GMT)

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