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Topps upgraded by Cantor

24 May 2016 14:35

Cantor Fitzgerald has upgraded its recommendation on Topps Tiles (LON:TPT) to Buy from Hold on the back of the company's interim results, which came in marginally ahead of forecasts, and following the softness in the share price since the beginning of the year.

"The company has an excellent track record, reasonable operational gearing in the earnings, a progressive dividend policy and a supportive macro-economic environment," analyst Freddie George commented.

He also reckons the stock is undervalued and has been oversold, pointing out that the shares have underperformed the FT All Share index by 15 per cent since the announcement of its in-line final results at the beginning of December.

Cantor has retained its 160 pence a share target price.

At 2:35pm: (LON:TPT) Topps Tiles PLC share price was +3.88p at 135.13p

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