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Poundland upgraded by Jefferies

16 June 2016 13:23

Jefferies has upped its rating on Poundland (LON:PLND) to hold from underperform after Warburg Pincus sold its final 41million shares in the discount high street retailer, causing the share price to rise 24 per cent to 196 pence.

The broker said: "In response to the increase, Steinhoff today announced it is considering a bid for Poundland and has until 13 July to make an offer.

"We believe Steinhoff will make an offer and upgrade our rating to Hold and price target to 195p [from 135p]."

Meanwhile, Liberum Capital says the outlook for PLND remains tough, after the it reported negative like-for-like sales growth and with disruption likely to continue as the converted 99p Stores bed down.

The broker stuck with its hold rating and 160 pence a share target.

At 1:23pm: (LON:PLND) Poundland Group share price was +8.25p at 208.25p

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