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Poundland downgraded by HSBC

15 April 2016 15:15

HSBC has downgraded its recommendation on Poundland (LON:PLND) to hold from buy, which it said was primarily due to lower forecasts, the lack of momentum and higher risks.

The broker said: "Our previous Buy rating was predicated on a stabilisation of the core with incremental benefits to come from 99p Stores.

"While 99p Stores is on track, core recovery has been postponed and momentum has deteriorated at a time when management change presents a further risk."

Analysts have cut their target price to 160 pence a share (from 290 pence), indicating around 9 per cent potential upside.

Meanwhile, JP Morgan Cazenove and Deutsche Bank stuck with overweight and buy ratings, respectively, albeit JPM cut its target to 260 pence from 300 pence whereas DBK left its target unchanged at 180 pence.

At 3:15pm: (LON:PLND) Poundland Group share price was -4.37p at 137.88p

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