MARKET TALK: Investec Cuts N Brown Group Price Target

7th Jul 2010 10:28

0928 GMT [Dow Jones] Investec cuts N Brown Group (BWNG.LN) price target to 300p from 325p. Brokerage is cautious on shorter-term prospects due to the slow-down in sales after the general election. Says that the management ascribes the sales deceleration of the last ten weeks to customer concerns on their personal financial situations. As a result, cuts '11 EPS forecast to 25.3p from 25.8p, '12 to 27.2p from 28.0p and '13 to 29.0p from 29.8p. However, remains positive on N Brown, given its solid and well-managed core business. Keeps buy recommendation. Shares -1.0% at 241p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 07, 2010 05:28 ET (09:28 GMT)