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Home Retail downgraded by Investec

02 February 2016 14:34

Investec has downgraded its recommendation on Argos owner Home Retail (LON:HOME) to hold from buy, following Sainsbury's latest offer for the business.

The broker said: "A significant proportion of synergies are tied up within property and so we believe this means there are only a select few with the excess space to unlock these gains.

"This makes it tougher for either an alternate buyer outside of food retail or HOME's management to generate the same returns on a standalone basis."

Analysts have cut their target to 160 pence a share (from 180 pence), implying a rather moderate forecast total return of 5.2 per cent.

At 2:34pm: (LON:HOME) Home Retail Group PLC share price was -0.2p at 152.7p

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