The City view - Thorntons
 
Wed, 16th July 2008
 
 

The City view - Thorntons

Thorntons' release of fourth quarter figures today (July 16) showed a return to the positive trend of the previous quarter and provided further evidence that the company is a recovery play.

However, Numis Securities still left its forecasts unchanged as it predicts the climate will continue to prove tough for the company because of its discretionary proposition.

Because of this it does not believe Thorntons should be valued as a food retailer. But it suggests the shares have fallen sufficiently to upgrade its recommendation from 'Reduce' to 'Hold'. Numis sets a new price target of 100p, compared with an underlying share price of 108p, which values the company on 10x earnings for 2009.


 
 
category Retail  |  source The Retail Bulletin
 
   
 
 
 
 
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