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Halfords upgraded by HSBC

15 November 2016 14:36

HSBC has upgraded its investment rating on cycle and car parts seller Halfords (LON:HFD) to 'buy' from 'hold' after highlighting its 15 per cent PER discount to the sector, its strong cash generation, 5 per cent dividend yield and M&A potential.

However, analysts have eased their target price to 375 pence per share from 395 pence.

The bank commented: "While we adjust for the further negative impact of FX for FY17-19e, it would wrong to be overly negative on a group that offers defensive qualities relative to the wider sector."

At 2:36pm: (LON:HFD) Halfords Group PLC share price was +5.3p at 321.7p

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